Oil rises on oil output restraint.
Oil rising today as the traders are responding to signs of continued output restraint, especially from the U.S. shale sector, which is expected to lead to a further reduction in inventories over the second half of the year. Since the start of last week, front-month crude futures prices have risen to multi-year highs, as the market signals the need for an increase in output. The output has still be restrained by some of the key exporters – driving the prices up. Besides this OPEC and its allies expect oil inventories to fall further in the coming months, OPEC’s secretary general said on Monday, suggesting the demand can outstrip the supply in the near-term perspective – which is a bullish signal for the oil.
Next resistance to watch – 74.00
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