26 April 2019 ( Lagos ) :WTI futures were unable to hang on to a new year-to-date high, as prices eased off the $66.60/bbl mark heading into the weekend. However, with US sanction waivers on Iran’s Oil set to expire next week, that is expected to limit global supplies and support Oil prices over the coming months.
It remains to be seen how Saudi Arabia and its allies can ramp up and fill the gap left by Iran’s exclusion, ensuring that Oil’s 2019 rally doesn’t get out of control. Oil bulls may then have to look to the OPEC+ decision in June regarding its ongoing supply-cuts programme, as the next potential catalyst that could send prices towards $80/bbl.
Source : Lukman Otunuga, FXTM Research Analyst
Reporting for EasyKobo on Thursday , 26 April 2019 in Lagos, Nigeria