After yesterday’s oil price rally, investors are in a wait and see mode as the OPEC+’s key virtual meeting approaches. It will be crucial for the group to reach a quick agreement to mitigate against the worst-case scenario of an enduring global glut, which was the result of the failure of the previous OPEC agreement. Technically, the WTI price is moving laterally after the huge spike of volatility seen last Friday and earlier this week. A first positive signal will arrive with a clear climb above $27, even if the technical scenario is secondary today with the news from OPEC+ the real market driver.
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