Crude complex higher on the day
Crude prices have remained supported over the last few days on the hope and then the delivery of OPEC+ production cuts being extended for another month. OPEC+ agreed a 1 month extension of 9.7million barrels per day output cut. WTI has risen +0.29% as the hopes of rising global demand keep prices supported from heavier falls.
If we are going to see further upside intraday we would want to see a break of this intraday trendline as a sensible place to define risk for bulls.
However, excess supply concerns still remain and the prospect of US shale producers coming back online is likely to limit any significant gains, so more push and pull expected in the oil complex today.
