Signs of weakness despite output cuts
WTI failed to break new highs despite efforts to cut output from the Saudis. Iran and Russia has yet to fully comply with output cuts meanwhile US oil production gradually increasing week on week on the back of reports suggesting that shale production cost are becoming cheaper.
US Dollar remain strong in an uptrend after breaking out from its trading range, this will probably push oil prices lower.
US Dollar remain strong in an uptrend after breaking out from its trading range, this will probably push oil prices lower.