WTI Crude Oil – Major Fundamentals Driving Bullish Waves in Oil
Crude oil prices jumped over sentiments of supply cuts organized by the Organization of the Petroleum Exporting Countries (OPEC)...
Arslan Butt•Monday, February 18, 2019•1 min read
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.
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ABOUT THE AUTHOR
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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