Monthly change: XBRUSD +17.15%
Oil prices rose sharply in February. Saudi Arabia's deep output cuts, an improving demand outlook, and cold front, which shut wells and refineries in Texas, contributed to the price increase.
The growing popularity of commodities as a hedge against resurgent inflation have pushed oil higher this year. There have been a lot of bullish calls in recent weeks predicting that the rally will continue. The maintenance in the North Sea fields is set to reduce the oil supply.
The upcoming OPEC+ meeting is crucial. The market could remain positive in the face of a modest increase in OPEC+ production. If there is a large increase, then it could dampen the outlook in the short term.
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