Will Oil Prices Rise on Continuous Positives?

WikiFX News (17 Aug)- WTI crude oil has seen its second consecutive week of gains, while oil prices may get a tailwind from the continuous upbeat news of vaccine and the situation in the Middle East.

According to the three reports on crude oil released last week, the outlook of market demand has improved largely compared to early days of the outbreaks. Among them, the Short-Term Energy Outlook of the U.S. Energy Information Administration (EIA) even raised estimates on global demand of crude oil for 2020 by 40,000 b/d.

All eyes turn to OPEC+ Joint Ministerial Monitoring Committee (JMMC) meeting this Wednesday (August 19). OPEC+ is expected to keep the overall production unchanged but fuel oil prices if member countries' compliance with the agreed reduction is proposed again.

Meanwhile, the speculative net long position held in Brent crude oil rose 17,104 to 205,108 lots, according to the data of Intercontinental Exchange (ICE).

Furthermore, as the balanced situation in the Middle East is possible to be upset by the establishment of diplomatic relation between Israel and the UAE, oil prices may soar amid worries about supply once the relation between the U.S. and Iraq deteriorates even further.

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