DJ Oil Markets May Be Settling in at $60 — Market Talk

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DJ Oil Markets May Be Settling in at $60 — Market Talk

There’s been a gut feeling recently in oil markets something was bound to trip up a price rally that’s seen WTI crude-oil soar to $61 a barrel from $38 the day Biden won the US presidential election Nov. 3. That something may have come today as the WSJ reports Saudi Arabia plans to increase production in the coming months. The market immediately reversed sharp gains and turned lower, though prices have turned slightly higher again since, with WTI trading up 0.2% at $60.16 a barrel. Peter Cardillo at Spartan Capital cuts to the chase, saying of the Saudi news: “Bottom line, likely to cap prices around the $60 level.”