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The technical committee of the OPEC is in its second day of reunions and curtailment of barrels production is being banked on, analysts at TD Securities inform.

Key quotes

“OPEC’s technical committee is in its second day of talks as the cartel debates the need for an emergency ministerial meeting, which would likely result in a curtailment.” 

“A large OPEC+ emergency curtailment, combined with Libyan and Iraqi disruptions could put a floor in prices.”

“Mean-reversion indicators continue to point in favor of the longs — while the completion of a CTA selling program will remove some downward pressure in WTI crude going forward.” 

“The seeds required for a bounce higher in oil prices are being planted, but we may still be too early for the optimists.”