As of early this morning (GMT+8), WTI ended higher 1.95% with oil
prices increasing in the wake of the meeting of the OPEC+ Joint
Ministerial Monitoring Committee (JMMC), which was held on the night of
September 17.To get more news about WikiFX, you can visit wikifx official website.
At the meeting, the OPEC+ committed to fully comply with the
production cut agreement and urge the “cheating countries” to compensate
for overproduced barrels. As the compensation may last till the end of
the year, market stability will be further promoted. The OPEC+ also
pledged to “actively” adjust the cuts quota of 2021 when necessary, so
as to deter speculation on crude oil.
Oil prices jumped by 1.95% after the meeting and have bounced back
above 200-DMA, which may be a technical progress uplifting oil bulls.
As far as the trend this month, oil prices are still edging down and
may struggle to extend its rebound ahead of the critical zone of
technical resistance around the $41.00. A back-test of the 50-DMA could
keep a lid on further advances attempted by the commodity.
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