Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at a time when coronavirus cases around the world are surging and many U.S. refiners, a key source of crude demand, remained offline.
The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia, together known as OPEC+, agreed on Wednesday to continue a policy of phasing out record production reductions by adding 400,000 barrels per day (bpd) each month to the market.
However, OPEC+ raised its demand forecast for 2022 while also facing pressure to accelerate production increases from the Biden administration, which said it was "glad" the group had reaffirmed its commitment to raising supply.
Crude Oil trend is sideways for today. A close over 69.64 is needed to signal for a strong bull wave to attack beyond the 74.00 high. The drive is struggling against 69.64 and we should be alert for a reactionary drop back along 67.52. Only a close under 66.94 highlights a short term topping turnover.