OPEC’s Decision to Further Augment Brent Crude Oil

Brent crude oil retained its last week’s gains, notwithstanding a beat on the U.S. Non-Farm Payroll (NFP) print showing a gathering US Dollar. The decision by the Organization of Petrol Exporting Countries to reduce production output is unarguably outweighing dollar strength presently and is reflected in market positioning.

The long positioning on Brent crude oil has roughly augmented by 24000 lots since the previous read and might be higher following the OPEC+ decision.

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