07.04.2020 WTI Daily Analysis

07.04.2020 WTI Daily Analysis

WTI is currently trading at $26.96 and is up by 3.41% as hopes of the world`s biggest producers of crude oil agreeing to cut output rise. An OPEC+ meeting is set to be held on Thursday, and Saudi Arabia and Russia are expected to agree on cutting output since the demand for crude oil has been crushed by the pandemic. Kirill Dmitriev, Russian Direct Investment Fund’s chief executive said, “I think the whole market understands that this deal is important, and it will bring lots of stability, so much important stability to the market, and we are very close.” Another analyst, Andrey Kostin, the chief executive of VTB Bank said, “Russia is definitely very much interested in stabilizing oil prices and ... there’s the political will. No one is interested in low oil prices. Neither the United States nor Russia, nor the Saudis. From this point of view, I think there should be a reasonable agreement achieved at the end of the day.”