Weekly Crude Oil Review: Oil Gains Despite OPECs Announcement To Increase Output Moderately

WTI Crude oil futures rebounded ahead of the OPEC meet. Prices recovered from a two and half month low this week as traders eyed the recent developments on the economic front following the US-China trade spat. A steady bounce in major stock markets helped lift sentiments further for the counter. Prices gained further, testing near $ 70 per barrel after OPEC announced a moderate increase in its output for coming months. Markets remain skeptical about the course of action. OPEC noted that the oil market situation has further improved over the past six months, with the global economy remaining strong, oil demand relatively robust, albeit with some uncertainties, and with the market rebalancing evidently continuing. Moreover, the return of more stability and more optimism to the industry has been welcomed by all stakeholders, according to the oil cartel. Meanwhile, Indian Crude oil production during May, 2018 was 3007.84 TMT which is 1.38% lower than target and 2.95% lower when compared with May 2017. Cumulative crude oil production during April-May, 2018 was 5922.84 TMT which is 0.61% lower than target for the period and 1.92% lower than production during corresponding period of last year.