OPEC+ meeting is a key event of the day. Representatives of oil producers will meet today to decide on new output quotas. Current output cut agreement is set to expire with the end of July therefore a decision needs to be made on how much oil to pump in August and beyond. Market expects OPEC+ to increase production by around 0.5 million barrels per day in August. There seem to be some disagreements among cartel members as it is said that Russia and Kazakhstan want to boost output while Saudi Arabia is more cautious. While high oil prices may seem beneficial for producers, one should remember that elevated fuel prices may hamper economic recovery and negatively impact demand going forward. Meeting is set to begin in the early afternoon.
Taking a look at the OIL.WTI chart, we can see that crude has been trading in a local sideways move recently. Price bounced off the lower limit of the range in the $72.50 area earlier this week and launched a recovery move. The resistance zone at $74.20, that marks that upper limit of the trading range, is being tested at press time. Breaking above this hurdle would see WTI price reaching a fresh post-pandemic high.
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Source: xStation5
