OPEC Productions Cuts Are Having an Impact

The oil market is a battle between OPEC and positioning, with OPEC winning today on the headlines that its Secretary-General Mohammad Barkindo expects an improvement on January's 90% compliance to the January cuts. 

There is evidence of the compliance in Middle East crude tanker chartering, which is at its lowest level in four years. The news has helped West Texas Intermediate jump 2% to $55 in the April (CLJ7) contract despite renewed dollar strength. I view this as close to a short-term top as positioning is very overextended to the long side and energy equities do not seem to be participating in the rally. ...465 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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