Currency Hedger Trading Desk May 5, 2020
Following strong sell-off in the second half of April, oil is catching a breath at the beginning of May. OIL.WTI gained more than 40% during the past few sessions.
OPEC+ deal went live in May and it could be the reason behind improvement in moods. Apart from that, some major US companies also announced they will limit output.
OIL.WTI is enjoying a very strong upward move as it recovers on hopes supply will be limited. Price is approaching $25 handle - level not seen since April 17.