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Crude oil prices rose due to the strong bullish sentiment. While the expectations that producer cartel OPEC and Russia would like to extend supply output cuts in support of low prices.
Earlier today, the US WTI crude futures were up 0.6% to $53.59. Looks like everyone is focusing on the upcoming meeting of the Organization of Petroleum Exporting Countries (OPEC) which is due on 25-26 July. The OPEC and non-OPEC members are due to decide about the extension of a crude oil output cut. The meeting will help decide the fate of crude oil prices. An extension in the output cut may trigger a bullish trend in oil prices. Conversely, we may see a dramatic sell-off in crude oil prices if cartel decides not to extend the output cut.
As you know, Russia is the cartel’s leading member and does play a significant role in supporting crude oil prices. The market is still looking to hear a clear cut answer on a production cut. Recently, the Russian Energy Minister Alexander Novak remarked that there was a need to control the oil market to take a sensible decision in July.
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