Saudi officials are denying earlier reports from the WSJ that OPEC is mulling a 500K BPD production increase.
- The current OPEC+ deal continues to the end of 2023
- If additional measures are needed to balance supply and demand, we will intervene.
Looking at the 5 minute chart, the price of WTI crude oil shot back up to where the decline started earlier, but has since backed off a bit.. The low for the day reached $75.27 which was just below the end of December 2021 close at $75.35.
That might have been the low for the rest of the year and would make for a good bottom given the volatility in crude oil in 2022.
Crude oil bounces back higher on the OPEC news today
