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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (72796)	12/17/2019 12:39:07 PM
From: Goose94	Read Replies (1) of 202704

Crude Oil: WTI has edged up to three-month highs and is holding firm. “The conditions for a rising oil price appear favorable at present,” Commerzbank said in Tuesday. “Economic optimism coupled with a weaker US dollar and growing investor demand have allowed Brent and WTI to climb to over $65 and to over $60 per barrel respectively.” However, the bank noted that the shine on the OPEC+ deal will wear off, which creates downside risk. Crude Oil prices have hit three-month highs on the back of the OPEC+ cuts and the thaw in the trade war, but the rally has already slowed. Some analysts are skeptical that the lagging members of the OPEC+ cohort, including Iraq and Nigeria, will live up to their commitments. “Why would they change next year just because they made a pledge?” said Giovanni Staunovo, commodities analyst at UBS Global Wealth Management, according to the Wall Street Journal.

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