WTI Crude Oil Trades Bullish Over Hopes of Brexit Deal, More Production Cuts by OPEC
Arslan Butt • 1 min read
WTI crude oil prices have had a bullish start to the day early on Wednesday as they climb higher buoyed by the prospects of a possible Brexit deal emerging soon. At the time of writing, WTI crude oil is trading around $52.97 per barrel, even as OPEC+ mulls more production cuts to offset weakening demand.
Recent reports emerging of a possible progress in the US-China trade war towards a partial deal and developing talks between Britain and the EU towards a Brexit deal have boosted the market sentiment lately. This has helped crude oil rise as an improvement in sentiment points towards increased demand in the near future.
Crude oil prices enjoyed additional support from recent comments from OPEC Secretary-General Mohammad Barkindo who hinted at OPEC and allies considering imposing more curbs on crude production beyond the existing 1.2 million bpd in 2020.