Oil prices have been a hot topic these past few days. The fire started when both Saudi Arabia and Russia committed to extending their supply cuts unti
The US Dollar in wait-and-see mode ahead of US CPI data.Oil prices have been a hot topic these past few days. The fire started when bothand Russia committed to extending their supply cuts until the end of the year. Analysts, meanwhile, had ample time to crunch numbers and see a near 1 to 2 million barrels shortfall in the coming months.
Another argument is that the next official OPEC meeting is still far away. The OPEC meeting might be a non-event and trigger a pullback in Oil prices as most of the headlines are likely out of the way and no surprises are expected. On the upside, $88 is the first nearby hurdle that has been taken out. From here, it will be a tiered rally toward first $90 and then $93.12, the double top from October-November last year. This means a 5% uptick move is possible in the nearby future.
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