Crude Oil Continuing To Rise

Matt Smith says lower inventories and OPEC production cuts are catalysts for crude oil to breech above the $70 level. Supply is lower and demand is higher, which is a recipe for higher prices. Domestic oil production is slowing down to rebalance the market, and global supply dynamics are supportive of prices. All OPEC members form Russia to Saudi Arabia seem to be on board to further price stability though coordinated production control.

Market On Close

03 Jun 2021

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Crude Oil Continuing To Rise

Matt Smith says lower inventories and OPEC production cuts are catalysts for crude oil to breech above the $70 level. Supply is lower and demand is higher, which is a recipe for higher prices. Domestic oil production is slowing down to rebalance the market, and global supply dynamics are supportive of prices. All OPEC members form Russia to Saudi Arabia seem to be on board to further price stability though coordinated production control.

Market On Close

03 Jun 2021