FxWirePro: WTI likely to retest $65 area amid Middle East tensions
Expect a higher oil price. As the Trump administration turns its screw on Iran, ratcheting up tensions in the Middle East, expect the oil price to once again move higher. While Saudi Arabia and OPEC has a spare capacity …
As the Trump administration turns its screw on Iran, ratcheting up tensions in the Middle East, expect the oil price to once again move higher. While Saudi Arabia and OPEC has a spare capacity of almost 2 million barrels, OPEC members have announced that they do not intend to breach the production agreement reached between OPEC and Russia-led Non-OPEC countries last November, when countries agreed to reduce production by 1.2 million barrels per day, creating a supply shortage in the cash market.
Trade idea:
Our calculations at FxWirePro strongly suggest that North American benchmark WTI would move higher to retest recent high around $66.5 area. However, the advancement is likely to face heavy selling around $64 area, and $65.3 area.
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