for WTI oil prices remain in the range despite the OPEC decision
After all the hype around the decision of OPEC and even after a two-day rally in prices by 13%, the harsh reality is that WTI oil prices remain in the 8-month range of 43-52 dollars. Now prices are at the level of $ 51, and many analysts expect a breakout of this range, which can cause an increase in purchases and a rise above $ 55.
However, data such as the number of drilling rigs in the United States, which will be published later in the day, may indicate a further increase in activity in the US oil sector. This, in turn, threatens to neutralize the efforts of OPEC production cuts.
"The current inability of the price of oil WTI to reach the mark of $ 52 may signal that the market may need another external factor for continued growth"- according to Baird.
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