WTIC Light Crude Oil: WTI crude is making an upside break after OPEC+ announced a surprise output cut

 


WTI crude was stuck at the trendline resistance at $75.67 a barrel on Friday, maybe awaiting big news. Here comes OPEC+ with a big surprise announcement of an output cut of 1.16 million barrels a day, right into the Asian market trading session.

WTI crude (May '23) shot up 7.10% to $81.04 a barrel at 6:53 PM late Sunday in New York. There is no doubt that it will be trading between ~ $80 and $84 a barrel on Monday, unless President Biden comes out and says something.

This note contained herein is not and should not be construed as a recommendation to buy or sell. Click here to view the latest update!

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