Oil Prices Rallied

Oil prices are into solid positions, following two consecutive days of losses.

This is the case as markets predict more limited supply levels.OPEC+ producer alliance are very expected to preserve the present production reduction levels.

Now, oil trades at $82.56, which is a gain of $0.91 or 1.12% from the previous close of $81.65.

The daily trading range is from $81.54 to 82.63.

In the prior session, oil prices were pressured following last week’s unexpected surge U.S. crude oil accompanied with falling demand, as reported by the Energy Information Administration.

However, the crude stock increase was smaller than the build projected by the American Petroleum Institute, and analysts pointed out that the increase was lower than what would be expected for this time of year.

Moreover, a boost to U.S. refinery served the utilisation rates, which soared 0.9 % points last week.

In fact, OPEC+ is not very expected to make any oil output policy changes until its next meeting in June.