Crude Oil prices have been bullish in the last three days, as sentiment has improved and the USD has lost some steam due to odds of a 100 bps rate hike by the FED diminishing. US WTI crude increased to $103.40s earlier this morning, but reversed back down and fell 2% after soaring by more than $5 barrel in the previous session, weighed by fears that an economic slowdown will hit the Oil demand, though tight supply and a weaker dollar curbed some losses.
The visit of US President Joe Biden to Saudi Arabia did not yield many positive results, as Saudi leaders did not promise to considerably increase crude Oil production soon. Saudi ministers said the OPEC would base their decisions on market factors. He stated that Saudi Arabia which is the third global producer, will raise its production capacity to 13 million barrels per day by 2027 from a current capacity of 12 million bpd, and “after that, the Kingdom will not have any more capacity to increase production.”
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