Oil climbs 2% as OPEC+ production cuts extension eyed

Oil rebounds after the drop yesterday, climbing 2% to $60.50

WTI H1 01-04
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The swings in oil continue to play out since last week, with today’s OPEC+ meeting decision a key one to watch. The bloc is largely expected to maintain the current level of production cuts and the latest report citing the JMMC meeting yesterday supports that.

Price is now moving up to test its 100-hour moving average (red line) @ $60.48 but key resistance is only seen closer towards $61.75 and $62.00 based on the consolidation range in oil prices as of late.


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