The oil industry is witnessing significant movements with oil refiners reaching new all-time highs, as indicated by $CRAK, and Iran announcing projects to increase its oil production by 400,000 barrels per day in collaboration with domestic companies. The Oil Index, represented by $XOI, has broken out of an 8.5-month-long bullish triangle consolidation pattern. Crude oil prices have topped $80, with predictions of further increases towards mid $79s before rising again, as per $WTIC trends. Iran's Oil Minister Javad Owji confirmed the production increase. Morgan Stanley has raised its Q3 Brent forecast by $10 to $90/Bbl, amidst a backdrop of increased oil demand, ongoing geopolitical tensions, and OPEC-plus continuing with production cuts. Iran has also raised the price of its April light crude oil to Asia.
#Iran raises April light crude oil price to Asia, source says #oott https://t.co/7dHytmrsTv
Between the IEA’s upward revision of oil demand this year, ongoing Houthi attacks in the Red Sea and OPEC-plus pressing ahead with cuts…. Brent now above 85. All eyes are now on what the US Fed will do on the 20th of March, many believe that a cutting rates won’t be easy. #OOTT… https://t.co/OxPnuQ3fe9
#OOTT | Morgan Stanley Revise Their Q3 Brent Forecast Higher To $90/Bbl From $80
MORGAN STANLEY RAISES 3Q BRENT FORECAST BY $10/BBL TO $90. #OOTT
Oil has room to keep running higher https://t.co/AZu8HerwjG
#Iran: Oil Minister Javad Owji says that the country's oil production will be increased by 400,000 barrels per day. #oott https://t.co/1xMKM5GcZd
Again, it‘s impossible to be bearish #oil with $80 cleared and nicely defended Friday, yet mid $79s will be approached towards #FOMC before $WTIC rises again – in line with my #stagflationary thesis on the horizon rising in prominence. https://t.co/hvbO78iW8H
Crude oil showing signs of a breakout as it tops $80. What traders say happens next https://t.co/4nHbrYfnnM
$XOI The Oil Index has broken out of an 8.5-month-long bullish triangle consolidation pattern. https://t.co/8iMJJUlYeP
Iran unveiled a series of projects to raise its oil production in collaboration with domestic companies https://t.co/Zn7cTh1zao
Oil Refiners are coming out of a massive base to new all-time highs. $CRAK https://t.co/fbmGN5TuzH