Oil prices are cheerful after comments over the weekend from a few OPEC delegates and people close to the decision that was taking place. Although the cuts are welcomed in order to keep current price levels maintained, a small issue is arising with the countries that are not upholding any supply curbs, and are even jacking up their production even more. Add the already elevated supply out of the US, and it could be that OPEC will either have to ask internally to all countries to stick to their agreed quota’s or to have deeper supply cuts after Q2.
Oil bulls are clearly seeing more upside potential with, as mentioned in the article above, net speculative bullish bets soaring to the highest level since October of 2023. These speculators could well be sitting on their hands until Oil prices finally reach $85 again. with $86.90 quickly following suit before targeting $89.64 and $90.00 as top levels
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