WTI crude oil surpasses $73 amid OPEC+ and geopolitical events, despite firm USD – by anilpanchal7 Oil WTI Commodities OPEC RiskAversion
could be the cautious mood ahead of the key China and US data, as well as the risk risk-off mood.
The Organization of the Petroleum Exporting Countries and allies led by Russia, collectively known as OPEC+, agreed on a new output target of 40.46 million barrels per day from 2024 during its June 4 Ministerial meeting. Not only that, Saudi Arabia’s readiness for more output cuts also allowed the black gold to begin the week on a front foot. In this regard, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, said on Sunday, “Saudi Arabia to make extra 1 mln b/d output cut from July,” reported Reuters.
On a different page, escalating geopolitical concerns emanating from the Shangri-la Dialogue held in Singapore and the Russia-Ukraine war also allow the WTI crude oil buyers to remain hopeful. The Shangri-la Dialogue in Singapore renewed geopolitical fears surrounding the US and China amid no meeting of the policymakers of both nations, as well as an incident suggesting escalating war fears among the Sino-American navies in the Taiwan Strait.
Looking forward, the energy benchmark may witness further consolidation of the gains if today’s China Caixin Services PMI and US ISM Services PMI for May print downbeat figures and challenge the energy demand outlook, especially amid the firmer US Dollar.Unless providing a daily close beyond the 50-day Exponential Moving Average , around $73.60 at the latest, the
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