On 1st July, at the beginning of an OPEC meeting in Vienna, Saudi Arabia's Oil Minister Khalid Al-Falih talks to journalists to extend oil supply cuts until March 2020.
This is because a weaken global economy and increased production from US.&nbsp;
Another reason is because U.S.-China trade war haven't have a finalised result, it still has the uncertainty of global economy which may decrease the usage of crude oil.
However, the production of U.S. is soaring, so the percentage of US increase and OPEC decrease will finally decide the trend of oil price.&nbsp;
In technical side, at a short-medium term, there is a signal of increase of oil price. RSI is 57, and Bollinger Bands also shows a long trend.

OPEC extends Oil cut to increase the Prices

Dec 01 2020

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