WTI Oil Spotשורט
Crude Oil Analysis: Buy The Rumor, Sell the fact!
Fundamental Punchline: In the short to medium term, we expect OPEC+ activities to be the key driver of crude oil prices as a broader escalation in the Israel-Palestine crisis seems to be secondary in the minds of investors at the moment.
Some key points from the OPEC + meeting yesterday:
- Brazil joins the group as it has a goal of substantially increasing its crude oil production
to become the world’s fourth-largest producer by 2030.
- Altogether, the total voluntary cuts for the first quarter is 2.184 million bpd to be announced independently by each member country
- Oil prices dumped following the meeting as the market seems to have priced in the production cuts, hence, buy the rumor, sell the facts scenario in play.
Technical Bias - Oil prices have been on a steady decline for the past few weeks after WTI peaked at around $95 per barrel in September. I expect a further decline into the close of 2023! Therefore, I'll be looking to short on rallies until we get a significant change in the current price action.
Some key points from the OPEC + meeting yesterday:
- Brazil joins the group as it has a goal of substantially increasing its crude oil production
to become the world’s fourth-largest producer by 2030.
- Altogether, the total voluntary cuts for the first quarter is 2.184 million bpd to be announced independently by each member country
- Oil prices dumped following the meeting as the market seems to have priced in the production cuts, hence, buy the rumor, sell the facts scenario in play.
Technical Bias - Oil prices have been on a steady decline for the past few weeks after WTI peaked at around $95 per barrel in September. I expect a further decline into the close of 2023! Therefore, I'll be looking to short on rallies until we get a significant change in the current price action.
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