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Will U S Shale Trigger Another Oil Price Crash?

Will U S Shale Trigger Another Oil Price Crash?
oilprice.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from oilprice.com Daily Mail and Mail on Sunday newspapers.

Crude Oil Prices Mired by Trend Resistance, OPEC+ Output Boost

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.

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