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Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

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Premium Content

The Oil Rally Is Set To Continue

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures surged to a new high for the year this week. The markets are being underpinned by the OPEC-led production cuts and the U.S. sanctions against Iran and Venezuela, which have helped tighten the global supply. However, Friday’s spike to the upside is likely being fueled by increased demand for risky assets and firmer U.S. Treasury yields, which have dampened concerns over a U.S. recession later in the year. The catalyst behind the price action is the optimism created by the resumption of the trade negotiations between the United States and China.

Strong First Quarter Performance

Trump Makes Feeble Attempt to Stop Rally

The strong gains this quarter may have prompted President Trump to call for OPEC to boost production to lower prices on Thursday.

“Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!” Trump wrote in a post on Twitter.

Trump made a similar request last month that was largely ignored by OPEC’s defacto leader Saudi Arabia. Looking ahead, the Saudi’s favor cuts for the full year, but the Russians want them to end in September. OPEC and its allies are scheduled…





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