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Oil rallies as OPEC strike output deal

Oil prices have appreciated sharply following reports of OPEC achieving a last-minute deal to boost crude oil production during a meeting in Vienna.

In a positive development, OPEC ministers reached an agreement to increase oil production from July after Saudi Arabia successfully persuaded Iran to cooperate. On paper, OPEC members have agreed to increase production by almost 1 million barrels per day (bdp). However, this may translate to roughly 600,000 of oil to the markets due to supply constraints in some countries. Global markets seem to have positively reacted to the outcome of today's OPEC meeting with WTI Oil punching above $67.80 as of writing.

In regards the technical picture, WTI Crude has scope to extend gains towards $69.00 if bulls are able to secure a solid weekly close above $67.50.

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