OPEC’s endeavor to recover oil price is on the way. The decision of OPEC member to freeze the production is the beginning of the process. Major producers’ agreement not to add additional balance is essential to help the current high inventories decline. OPEC is very optimistic that Crude oil will be back to $50 in no time.
U.S. crude ended the week at $32.70, up 10.59 percent for its best week since August 28, 2015 when it gained 11.79 percent. Crude oil is expected to continue its rally.
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