WTI crude oil prices soared dramatically to trade near $55.95 in the wake of bullish fundamentals. Let’s discuss what’s going on in the market.

• Crude oil prices jumped over sentiments of supply cuts organized by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members like Russia. Back in 2018, the cartel of producer nations accepted to cut output by 1.2 million barrels per day (bpd) to prevent a large supply overhang from swelling.
• Besides that, the US sanctions on Iran and Venezuela are also supporting crude oil prices.
• Lately, there have been positive developments on the Sino-US trade dispute and the sentiments are signaling it may end soon. Moreover, the POTUS Trump also repeated that he could push the March 1 deadline two weeks further, if trade war discussions keep going well.