Crude Oil Prices Mired by Trend Resistance, OPEC+ Output Boost
2021-04-01 21:30:00
Rich Dvorak,
Analyst
CRUDE OIL PRICE ACTION RESILIENT DESPITE OPEC+ PLANS TO GRADUALLY INCREASE SUPPLY, TECHNICAL RESISTANCE IN FOCUS
Crude oil prices jumped 3% on Thursday as bulls continue to defend the 50-day moving average
OPEC+ plans to unwind supply cuts by gradually boosting output by 2-million barrels per day
Oil price action looks to challenge technical resistance posed by its negatively-sloped trendline
Crude oil showed quite a bit of resilience throughout Thursday’s trading session. The commodity climbed 3% to trade back above $61.00/bbl despite news that OPEC+ will gradually increase crude oil output. Saudi Arabia plans to unwind its voluntary 1M/bpd supply cut by boosting production 250K/bpd in May, 350K/bpd in June, and 400K/bpd in July.