loader image
MiralFX Broker
Crude Oil Price Retreats on OPEC+ Perspective and a Firm US Dollar. Where to for WTI?NewsDaily technical analysisCrude Oil Price Retreats on OPEC+ Perspective and a Firm US Dollar. Where to for WTI?

Crude Oil Price Retreats on OPEC+ Perspective and a Firm US Dollar. Where to for WTI?

The abrupt decline in crude oil prices is attributed to the anticipation that OPEC+ will adhere to its production objective and a significant increase in the value of the US Dollar. russian Deputy Prime Minister Novak has indicated that the forthcoming meeting of the Organization of Petroleum Exporting Countries (OPEC) on June 4th will not result in modifications to its production target.

During an interview with the Russian newspaper Izvestiya, the individual expressed their belief that there will be no modifications made to the current production objectives at the upcoming conference in Vienna.

The comments made by the Minister of Energy of Saudi Arabia, Abdulaziz bin Salman, on Wednesday issued a warning to speculators. In contrast, the remarks made by another individual were significantly different. The short-term effects of this warning were evident in the crude prices, which increased before declining during the Asian trading session.

The oil market received a boost from the possibility of supply constraints caused by wildfires that ravaged the provinces of Alberta, British Columbia, and Saskatchewan in Canada. While the situation has improved to some extent, it still poses a significant concern.

This week, the US Dollar has experienced a strong surge. Despite this, crude oil prices have managed to increase, which is somewhat unusual. The currency markets are currently analyzing the potential consequences of a possible US debt ceiling agreement and the continuous growth of Treasury yields.

The yields on Treasury securities have increased across the various maturity levels. However, the current concern is centered around the 1-year note, which is only a few basis points shy of reaching a 23-year high of approximately 5.30%.

The prospects for crude oil appear uncertain until global economic growth stabilizes. Although there have been positive economic indicators in the United States, China has yet to recover from the pandemic-related restrictions. As such, it appears that China may face challenges in stimulating economic growth.

The RBOB crack spread, which serves as an indicator of the profitability of refiners and measures gasoline prices relative to crude oil prices, has shown a recent increase. This development has the potential to provide some backing to crude oil prices.

RBOB, an acronym for reformulated blendstock for oxygenate blending, denotes a gasoline grade that can be traded in the market. The surge in profits among refiners may potentially stimulate a heightened demand for crude products.

Currently, there appears to be a level of market equilibrium as indicated by the minimal disparity in cost between the first two WTI futures contracts.



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.