Although prices are well off their highs, the complex trades higher today after OPEC+ looks to extend production cuts, the U.S. and Chinese declare a truce on the trade war, and Iran reported having higher levels of uranium than the 2015 signed nuclear deal allows.
higher oil prices
WTI oil prices rose Monday morning to $56.94/barrel due to a barrage of bullish headlines which puts this year’s oil rally north of 22% and climbing.
After a sharp rally to begin the year, oil prices have been trading in a tight range over the past two weeks and are waiting for their next cue to determine price direction.
The oil market is rallying today primarily because of a sizable crude oil draw reported by the DOE, a softening dollar, and bullish OPEC comments.