Oil has been steady today after making a bottom of $52.80 but upside limited to $53.40. Crude Oil futures finished slightly lower on Friday, after making a high above $54, but couldn’t hold it for a long period and dropped to $53.
Crude oil prices are marking time in familiar territory as the spotlight turns back to OPEC and the implementation of its output reduction scheme. OPEC and Russia said they are ahead of schedule implementing their historic agreement to curb oil output and boost prices.
Traders are still encouraged and optimistic for a swift surge within the coming days or weeks based on the agreement signed that major crude producers will adhere to the pledge to curb output.
Let’s have a look at daily chart given below:
This is the oil daily chart.
Oil futures upside seems to be limited, keeping in mind that market awaiting for news from OPEC-Non-OPEC members production data. Oil prices can soar at any moment, but still moving under the tight range $50-$54 formed within the last 2-months.
Bright chances, oil might pushed down to visit $52, unless or until U.S. Crude oil inventories data comes in favor of oil to retain the $52.80.