Oil Price Indicators Flash Buy as OPEC Expectations Grow Bigger
- Crude jumps as Saudi, Russian ministers eye longer cuts accord
- Analysts wonder whether producers can maintain price momentum
Crude Rallies as Saudis, Russia Look to Expand Cuts
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Price curve? Check. Technical markers? Check. The oil market just got bullish and that’s left OPEC with little room for maneuver when it meets in Vienna next week.
After the energy ministers of Saudi Arabia and Russia talked up the potential for the Organization of Petroleum Exporting Countries and other nations to extend output cuts into early 2018, the crude market took off. OPEC’s preferred market structure returned, with nearer contracts at a premium further along the curve, with Brent and West Texas Intermediate crude rising above their key 200-day moving averages in intraday trading.