loader image
MiralFX Broker
Crude Oil Price Jumps on Optimism Ahead of OPEC+ Meeting. Where to for WTI?NewsDaily technical analysisCrude Oil Price Jumps on Optimism Ahead of OPEC+ Meeting. Where to for WTI?

Crude Oil Price Jumps on Optimism Ahead of OPEC+ Meeting. Where to for WTI?

Yesterday, the price of crude oil experienced a decline for three weeks before rebounding strongly due to favorable economic news and challenges faced by the US Dollar. The OPEC+ meeting that begins this weekend is now the primary concern for the market.

China’s Caixin PMI exceeded expectations and offset the weak official PMI reading from Wednesday. Japan’s private capital expenditure and the US ADP jobs data also exceeded forecasts. The Eurozone CPI decreased, contributing to a positive market sentiment.

Although not all data presented positive results, the complete set of statistics can be accessed through the economic calendar provided. Additionally, market sentiment seems to indicate confidence in the potential passage of the US debt ceiling agreement by the Senate on Friday.

The possibility of a resolution has caused a decline in Treasury yields, which may persist if the vote is successful without any issues. The benchmark 2-year note has lowered by approximately 30 basis points from its peak of 4.64% observed last week at this time.

The depreciation of the US Dollar exhibited a wide-ranging impact, particularly on the Australian Dollar which is associated with global economic expansion. In addition, industrial metals experienced noteworthy increases within the past 24 hours.

The upcoming OPEC+ meeting in Vienna is of particular importance to the oil market. Various high-ranking officials of oil-producing nations have been expressing concerns regarding production targets.

The lack of coherence between the commentary and the gathering is intriguing and deserves attention. The announcement of a production cut by the cartel in early April led to an increase in the price gap for oil.

The forthcoming week may commence with unstable market conditions due to the headlines generated by this assembly.

Visa Card
Bank Transfer
MIRALFX_Artboard 1 (1)
is headquarters at James Street, Kingstown, VC0100 St. Vincent and the Grenadines.


The MiralFX broker is a world pioneer in online trading, offering financial market opportunities to audiences everywhere, regardless of where they are or what their financial goals are.

Contact US

Email: Info@miralfx.com
Tel: +1 784 485 6124
Fax: +1 784 485 6124


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

The company does not accept clients from Turkey and United States.

Risk Warning

MiralFX LLC. offers trading on Foreign Exchange (‘Forex’ or ‘FX’) and Contracts for Difference (‘CFDs’), which are complex financial products that are traded on margin. They carry a high level of risk since leverage can work both to your advantage and disadvantage. As a result, these products may not be suitable for all investors, as loss of all invested capital may occur. You should not risk more than you are prepared to lose. Before deciding to trade, you need to ensure that you understand the risks involved and consider your investment objectives and level of experience. Seek independent advice, if necessary.

MiralFX LLC. does not issue advice, recommendations or opinions in relation to acquiring, holding or disposing of a CFD. MiralFX LLC is not a financial advisor and all services are provided on an execution-only basis. This communication is not an offer or solicitation to enter into a transaction and shall not be construed as such.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

By using MiralFX.com you agree to use our cookies to enhance your experience.

© 2023 MiralFX LLC. All Rights Reserved.