WTI CRUDE REMAINS BULLISH

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Oil and gas companies, as well as the retail industry, are the worst hit sectors in the COVID-19 pandemic that swept through businesses in Texas, bankruptcy and restructuring is reported.  Oil and gas and the retail sector had a whole lot of stress even before COVID-19. Russia’s President Vladimir Putin has tasked the government with implementing a set of measures aimed at supporting the oil industry for the duration of the OPEC+ production cut agreement.  As part of the OPEC+ deal, Russia pledged to cut its production to 8.5 million bpd in May and June from a February 2020 baseline of some 11 million bpd, which translates into more than 2 million bpd, or by 19 percent. Apart from the above, and growing oil demand across the globe the US Crude Oil inventory has shown the figure higher than the forecast.  Some of the oil importing countries like India is estimating more demand even during the times of lockdown.  
 The crude oil is trading at 33.50 dollars per barrel mark and is expected to remain bullish this week and may touch the figure of 38.00 dollars per barrel mark.


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