WTI Crude Oil (current price: $51.57)
Oil surged higher on Monday, and rose back above its prior highs, as we expected, as OPEC officials reiterated their intention to intervene in the struggling oil market, and lower their output levels in November for the first time in 8 years. The most traded commodity finished the session just below the $52 level, as a new leg up in the long-term trend seems possible now, especially if the global correction won’t continue in the coming weeks.
Our assessment: Oil quickly regained its losses from Friday, with a strong rally in late trading, despite the strong U.S. Dollar, as the OPEC decision continues to push the commodity higher.
