After reaching its highest point for the year so far, the WTI crude oil is down 0.17% to $86.54 today as of 10:42 a.m. EST. Oil has gained nearly 3.5% over the past five sessions after Saudi Arabia and Russia decided to keep their production cuts in place.
The two oil-producing majors have also indicated that, depending on the market scenario, further production cuts could also be on the table. This could mean a further drag on the global economy. Furthermore, its impact on China is a key development to keep an eye on, as the Chinese economy is already under considerable strain.
Amid this rapidly shifting market dynamic, numbers from the American Petroleum Institute will be a key metric to watch. Meanwhile, natural gas is down nearly 2.2% to $2.52 today and remains nearly 43% lower year-to-date.
The United States Oil Fund ETF (USO) has steadily climbed 22% over the past three months, and the combination of major production cuts and buoyant demand could mean further price gains.
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