- Oil up 0.60% but moving of highs as US Dollar extends gains.
- Improvement in risk sentiment and extension in crude oil output cut agreement supports WTI.
The WTI (futures on Nymex) is up 1.6% over the day after moving significantly off daily highs. Earlier today, the barrel jumped to $60.27, the highest level since May 23 and then pulled back.
As of writing, trades at $58.80, significantly off highs, but still positive for the day. The move higher took place following the agreement between US President Trump and President Xi Jinping of China to resume talks. The next boost came from increased odds of OPEC+ output cut extensions. Russia’s Energy Minister Alexander Novak said all ministers were supporting an extension of 9 months to the deal. The OPEC plus group is having a meeting in Vienna that will continue tomorrow.
The DOW JONES is up 0.50% after falling more than a hundred points from the top while NASDAQ gains 1.12%. The positive tone eased after the beginning of the American session. Regarding the US Dollar, it gained momentum over the last hours and weigh on crude oil prices. The DXY is up 0.55% at the highest in a week.
Data from the US, showed the IHS Markit’s Manufacturing PMI in June rose to 50.6 from 50.5 in May and the ISM Manufacturing PMI dropped to 51.7 from 52.1, a reading above expectations.
WTI Levels
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