Listen to the latest market mood for the USOIL.

OPEC+ agreed for Russia and Kazakhstan to raise output by a total of 75K bpd in February and another 75K in March. Saudi Arabia surprised oil markets by announcing a voluntary 1mln bpd cut. This resulted in strength for oil and should find buyers on the dips today.

Therefore, expect oil buyers on pullbacks.

Trade Risks: The main risk to this trade is from a more optimistic FOMC minutes tonight which could strengthen the USD.