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Higher volatility expected on Oil markets with production cut by OPEC & Hurricane Harvey
Volatility Alert: Bulls Lift Crude Oil. WTI Crude Oil & Brent Crude Oil. Reached Levels Not Seen in Months.
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After crude oil producers struggled to adhere to the production cut agreement led by OPEC, investors worried about the global supply glut, the oil market then suffered an even larger issue: Hurricane Harvey.
What is going on with WTI Crude Oil?
The US WTI Crude Oil was worrying since it could not break above the important resistance level at $50/barrel.
But now, it’s trading above $52, the highest level in the last 4 months!
What is going on in Brent Crude Oil?
Although the European benchmark Brent Crude Oil was performing slightly better than WTI, it failed to stay above $57/barrel in the last 26 months, but now is trading at a 2-year high!
Will the Crude Oil bulls manage to keep both WTI and Brent prices above the surface?
