OIL TICKS HIGHER ON ABATING OVERSUPPLY CONCERN AMONG INVESTORS: 19 JUNE |FOREX RECOMMENDATIONS

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Crude oil prices extend its previous session gains as bulls take control on cooling down of oversupply fears among investors after a successful OPEC meeting on Thursday. The meeting ended with a promise to hold on existing cuts by countries like Iraq and Kazakhstan for the additional period of three months. Both countries will now compensate for their overproduction in May, by drawing extra barrel out of market, even if other OPEC producers do not extend record production cuts. In addition, the meeting offsets the supply concern of rising inventories and provided a modest lift to crude prices.

As of this moment, US WTI is trading 1.05% higher at $39.33 per barrel, while Brent crude is trading 1.06% higher at $41.78 per barrel. Meanwhile, crude oil is poised to register weekly gains as it is trading 7.63% higher, after registering losses in previous week.

Talking about the previous session, crude oil ended near day’s high at $38.92 per barrel, with gains of 2.72% after investors cheered the recent statement by two major traders viz. Vitol and Trafigura. They said that fuel demand may be improving despite resurgence of virus infections. The near-term optimism regarding demand recovery helped Brent to trade into Backwardation for the first time since early March. This was after August contract was trading at premium to September contract by nearly 9 cents that further supported the market sentiments.

Up ahead, investors will remain vigilant over headlines of coronavirus to ascertain the market direction.

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