Crude oil traders are bracing for an announcement from Russia about production cuts. OPEC member nations are mulling over production cuts in response to the economic impact of the coronavirus.
Russia’s energy minister, Alexander Novak, said on Friday that a decision could be made this week.
WTI Prices Forming a Bottom
Crude oil prices are consolidating near the price level above the 50.00 region. This comes following a sharp sell-off in crude oil prices. Given the current set up, there is scope for oil prices to retrace to the upside.
A breakout above 51.65 will confirm the upside toward the 54.75 handle.
