The optimism over big oil producers extending output cuts has boosted oil prices this week.
While OPEC and Non-OPEC members may be commended on their ability to exploit oil price sensitivity to create speculative boosts, it could come at a heavy cost if markets remain saturated.
Although oil prices are expected to edge higher if OPEC extends oil production cuts by another nine months, the question still remains how U.S Shale will react?
From a technical standpoint, technical traders will be paying very close attention to how prices react to $50.
The optimism over big oil producers extending output cuts has boosted oil prices this week.
While OPEC and Non-OPEC members may be commended on their ability to exploit oil price sensitivity to create speculative boosts, it could come at a heavy cost if markets remain saturated.
Although oil prices are expected to edge higher if OPEC extends oil production cuts by another nine months, the question still remains how U.S Shale will react?
From a technical standpoint, technical traders will be paying very close attention to how prices react to $50.
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