OIL READY TO CRACK $80 WITH OPEC PROLONGING OUTPUT CUTS
- WTI Oil jumps above $79 in European trading on Monday.
- Oil traders are positioning for more upside, with futures net long at highest since October.
- The US Dollar Index is retreating back below 104 with markets looking ahead of US Jobs Reports on Friday.
Oil prices are in the green this Monday morning, backed by headlines that came out over the weekend confirming that OPEC will persist its production curbs for at least Q2, in line with expectations. Traders are seeing further bullish signs with the Commodity Futures Trading Commission (CFTC) noting speculative net long positions rising to the highest since October 2023. The OPEC cuts were voluntary, with recent data pointing to a dramatic rise in February versus January. More countries will be reporting in the coming days.
Meanwhile, the US Dollar Index (DXY) is easing on Monday with the Euro being on the forefront ahead of the European Central Bank Meeting this week. For the US Dollar, all eyes will be on US Federal Reserve Chairman Jerome Powell who will undergo his semi-annual statement before Capitol Hill (and the grilling by Senator Elizabeth Warren). That comes ahead of the US Jobs Report, which is facing high expectations after the upbeat surprise in February
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