Oil jumps on OPEC decision.
Oil rose today more than 2%, reaching its highest level in nearly 14 months after OPEC agreed not to increase supply in April as they are prepared to wait for a more substantial recovery in oil demand. Previously the prices rose by 4% on Thursday after OPEC+ extended oil output curbs into April. Investors were surprised that Saudi Arabia decided to maintain its cut of 1 million bpd through April even after oil rose sharply in the past two months amid the massive COVID-19 vaccination programmes around the globe. The investors are expecting faster recovery in Europe and USA at the rate of the vaccination programmes deployed there – which is adding to the expectations of in increased demand amid limited oil output – which is driving oil prices up now.
Expect buyers on downward corrections.
Next resistance to watch – 66.42
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