WTI up by 2.8% to $68.20 currently
Oil is searching for a break to the topside as price now extends to its highest since October 2018 with buyers pushing price action above $68 at the moment.
The bullish run in oil so far this year is staying the course and there is still little to suggest the momentum from being derailed – even from a technical perspective.
It remains to be seen if buyers can keep with the break above $68 before the day ends with OPEC+ still a key risk factor to the equation.
The bloc is expected to stick with the status quo for now but there might be hints on what they may do later in the year if demand conditions continue to pick up globally.
The restart of production may temper with sentiment a little but I still don’t imagine that to totally outweigh the bullish sentiment on the reopening and the reflation narrative.
Even if gains may be reined in briefly during the short-term, there is still much to be bullish about oil in the long-term; at least for the time being.