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Crude Oil Prices Spike on Saudi and OPEC Surprise


Crude Oil Price Analysis & News

  • Oil Prices up 5% on Saudi and OPEC Surprise
  • Saudi Arabia and OPEC Agree to Refrain From Boosting Output
  • $70 for Brent Crude Ahead?

Oil Prices Spike on Saudi and OPEC Surprise

Oil prices are soaring on the back of Saudi Arabia and OPEC’s decision to roll over existing cuts throughout April. Like many and including myself, this was the lowest likely outcome with the consensus set for a 500kbpd increase in production. However, that is what has turned out and as a result, WTI and Brent crude futures are up a lofty 5% with the latter at the highest level since January 2020. In light of this outcome, there seems to be little in the way that prevent Brent crude futures hitting $70 in the very short term.

It is important to note that the reports are still emerging with an official statement yet to be finalised

Details to follow…..

Monitoring OPEC Developments

For monitoring OPEC keep tabs on #OOTT on Twitter and particularly tweets from OPEC watcher, Amena Bakr.

of clients are net long.

of clients are net short.

Change in Longs Shorts OI
Daily -25% 15% -5%
Weekly -13% -2% -7%

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