Brent approaches $60 on OPEC+ cuts.
Brent continues to rise in response to the strict OPEC+ cuts imposed earlier by its members. Strong compliance with agreed oil cuts by OPEC+ has been helping to support the oil prices. OPEC+ forecasts that the oil market will be in a deficit throughout 2021, with inventories in the industrialised world expected to fall below the 2016-2020 average in the second half of this year. This is driving the oil demand along with the markets realising that the mass vaccination programmes are starting to have the beneficial effect on the infection rates in UK and Europe – signalling the future increased demand for oil amid OPEC+ cuts – and forcing the price up.
Expect buyers on downward corrections.
Next resistance to watch – 59.66
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