Oil prices rebounded slightly today, gaining nearly 1.5% after reaching a local low of $68 per barrel. This week, OPEC+ confirmed that it will gradually return 2.2 million barrels per day to the market, starting in April. However, the market is reacting to two major factors driving the rebound.
- First, traders are betting on a potential supply disruption from Iran due to U.S. sanctions aimed at restricting Iranian oil export and economy.
- Additionally, Russia's Deputy Prime Minister Alexander Novak stated that OPEC+ may reconsider its planned output increase after April if necessary.
- Furthermore, WTI crude may be particularly vulnerable to U.S.-Canada trade tensions, as major Canadian pipelines have reported lower oil transport volumes to U.S. refineries, potentially tightening supply in the U.S. market.
- At the same time, a key driver of falling oil prices has been a weaker U.S. dollar, mixed economic signals from China and the EU, and a decline in U.S. macroeconomic indicators, which suggest weakening consumption and sentiment.
OIL charts (D1 interval)
Oil rebounds above $70 level today, after re-testing recent local lows. During last 5 sessions, we saw a rising selling volume, which triggered the sell-off below $70 zone.
Source: xStation5
Source: xStation5
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