US Oil (WTI)
Crude oil prices ended the week higher after posting 6 straight days of gains. This came on the back of comments from the Russian oil minister which alluded to existing imbalances in global crude oil supplies. These comments alleviated concerns in the market about a possible wind-down of the productions cut deal agreed to by OPEC members in 2017 to stem falling prices.
Brent crude futures rose by 61 cents to touch the $69.87/barrel mark, while the West Texas Intermediate (WTI) crude oil futures rose to $64.30, after pulling back from Thursday’s high of $64.77, which is the highest WTI has been in nearly three years.
Crude oil prices look set to remain about $60 per barrel as a continuation of the supply cuts agreed to by OPEC members and allies in 2017 look set to remain in place. Output reduction in the Gulf region by 45,000 barrels per day will see prices likely remaining within the $65 to $70 band, according to Mohammed Al Rumhy, Oman’s Oil and Gas Minister. The price view is also held by Vagit Alekperov, CEO of Russian energy giant Lukoil. Alekperov sees crude prices remaining stable at around $70 per barrel.
US Oil (WTI) Daily Supply & Demand Zones:
US Oil (WTI) 4h Supply & Demand Zones: