Brent Crude is above $88, and West Texas Intermediate Crude Oil is currently trading above $85. $100 could be the next stop in the uptrend, but it’s OPEC that holds the key to crude oil’s pricing future right now.
Oil prices are in the midst of a strong two month price rally thanks largely to a resilient global economy and OPEC production cuts. Russian production cutbacks have also added to the recent strength in oil prices, but the reality is that Russia hasn’t cut back on production voluntarily, it has its own war related issues that affect its ability to produce and export oil.
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