Based on market survey, OPEC and Non-OPEC has completed ~ 80% as of last agreement on production cut. However, active oil rigs from US has been increasing over past few weeks. Both factors capped the upper and lower boundary of oil price movement. Following US announcement on new sanction for Iran, geographical tension pushed crude oil price to the ceiling ~ USD53.83 which was formed end of 2016. Higher low formation is forming as refer to chart below. Current trend suggested more upside in the forming.
Market Calendar on coming week:
(SG: Singapore; CH: China; UK: United Kingdom; US: USA; JP: Japan)
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