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  • WTI gained more than 4% in the previous week.
  • OPEC+ is expected to stick to its plan of easing output cuts until July.
  • Iranian Oil Minister says production could reach 6.5 million bpd if US lifts sanctions.

Crude oil prices rose sharply last week and the barrel of West Texas Intermediate (WTI) gained more than 4% to settle around mid-$66s. On Monday, WTI continues to edge higher and was last seen gaining 0.55% on the day at $66.97.

Eyes on OPEC meeting

Investors are waiting for the OPEC meeting that will take place on Tuesday. Last week, Reuters reported that OPEC and non-OPEC producers, the group known as OPEC+, was expected to stick to its plan of reducing output cuts until July.  

“Not to relax more on production cuts is a wise decision to be taken, in my opinion,” one of the OPEC+ sources told Reuters. Nevertheless, WTI’s upside  remains limited so far with investors staying on the sidelines while waiting for the final outcome of Iran nuclear talks.

Iranian Oil Minister Bijan Zanganeh said on Monday that Iran’s oil production could easily reach 6.5 million barrels per day (bpd) if the US were to lift sanctions with sides reaching a deal to revive the 2015 nuclear deal.  

The American Petroleum Institue (API) and the US Energy Information Administration’s (EIA) will be releasing the weekly crude oil stock reports on Wednesday and Thursday, respectively.

Technical levels to watch for