What happened?
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month. Some insignificant exemptions were made for Russia and Kazakhstan, allowing them to boost output by 130,000 and 20,000 barrels a day in April, respectively. In total, OPEC+ will withhold about 7 million barrels a day from the market, which is equal to about 7% of global demand. Moreover, Saudi Arabia said it would continue reducing extra 1 million barrels a day on a voluntary bias.
What does it mean for trader?
Oil will keep rallying up in the next months! WTI oil has approached the high level unseen since January 2020 at $65.00. If it manages to break it, the way up to $70.00 will be clear. Support levels are at the recent lows of $59.00 and $52.00.
Besides, the US Senate passed Biden’s $1.9 trillion relief bill. As a result, the much-awaited stimulus should be finally approved by the end of this week. It should improve the overall market sentiment and push risk assets like gold further up.
Note that to trade oil with FBS you need WTI-21J, which expires on March 19. Besides, you can trade oil in our app FBS Trader!
作者：FBS Team，文章来源FXStreet，版权归原作者所有，如有侵权请联系本人删除。
风险提示：以上内容仅代表作者或嘉宾的观点，不代表 FOLLOWME 的任何观点及立场，且不代表 FOLLOWME 同意其说法或描述，也不构成任何投资建议。对于访问者根据 FOLLOWME 社区提供的信息所做出的一切行为，除非另有明确的书面承诺文件，否则本社区不承担任何形式的责任。
FOLLOWME 交易社区网址: followme.asia
加载失败()