Listen to the latest market mood for the WTI.

The outlook for oil is bullish today after OPEC+ has agreed on a tentative meeting for June 6 or 7 after Iraq has pledged a better commitment to oil cuts. For decades there has been a ‘free-rider’ problem with OPEC. That is when oil prices rise members cheat on their agreed oil cuts.

In order for this outlook to remain, it is vital that the OPEC+ meeting holds in place as the oil market is still in surplus as demand for oil remains weak across the entire world apart from China. Therefore we expect oil buyers on pullbacks today.

We expect this outlook to play out over the next 6-10 hours as long as the reasons for the trade remain.

Main Trade Risks

The main trade risk is if the June 06/07 OPEC+ meeting is canceled which will cause the oil to fall.