Oil and OPEC+:
- Brent crude touches $63/bbl. after production cuts revealed.
- Brent nears a two-week high after heavy sell-off.
Oil Turns Sharply Higher on Production Cuts
The latest OPEC+ meeting in Vienna agreed to remove 1.2 million barrels a day from the market, according to delegates on Friday. The announcement sent oil spinning higher with Brent trading back above $63/bbl. and nearing levels last seen two weeks ago. Brent crude recently entered a bear market after falling from a high price of $86.65/bbl. at the start of October to a low around $57.75/bbl. last week.
Oil Five-Minute Price Chart December 7, 2018
Retail traders are 86.2% net-long US Crude according to the latest IC Client Sentiment Data, a bearish contrarian indicator. However, recent changes in daily and weekly positions currently give us a stronger negative trading bias.