Crude Oil Price Hit 75$ as OPEC+ Meeting Stall on Output Hike

 Crude Oil Price Hit 75$ as OPEC+ Meeting Stall on Output Hike

Crude Oil Price Outlook: 

- Crude oil prices are at 2 and half year high as markets await OPEC+ output policy 

- Us crude inventories fell for six week in a row, underscoring demand optimism

- WTI is rider a strong ascending trend and may aim higher level in the weeks to come.

Crude oil prices are hovering near two and half year highs during Monday's APAC mid-day session, as OPEC+ failed to reach an output agreement at Friday's Meeting. The discussion will continue today with a focus on disputes between Saudi Arabia and the United Arab Emirates (UAE). The closure of US markets on Monday suggests that trading volume might be thin due to fewer market participants.

Members of the oil cartel except the UAE agreed in principle to ease production cute by 400k bpd form August to December 2021.