06.03.2020 WTI Daily Analysis

06.03.2020 WTI Daily Analysis

  Yesterday Oil was trading to reach its highest of the week to $47, oil was going up after reports OPEC ministers decided to make additional cuts of 1.5 million barrels per day, the group also added that they would review this policy at their next meeting in Viena on June 9th. The news helped lift the prices but not for long as Russia says Nyet(NO) to OPEC for additional cuts and with the U.S equities going down. "If it says no (Russia), the entire union could collapse — and with it any new bilateral trade and investment deals in the pipeline as well as the strategic influence Moscow has secured by participating in the production agreement. There will be a flurry of high-level calls between Moscow, Riyadh and Abu Dhabi to get the deal done." RBC Capital Markets said in a research note.   West Texas Intermediate (WTI) crude futures (CLC1) falling by $2.23, or by 4.53% at $43.82. Despite its recovery this week, Crude remained down by 24% on the year, the deal of OPEC wanting to have more cuts until the end of 2020 desperate to bring the global oil market back into balance.