The price of oil has been on the rise over the past few days and jumped up by 1.2% in today’s session alone. This surge came after a warning by the Saudi Arabia representative in OPEC+ to short sellers of oil, ahead of the group’s June meeting. The OPEC+ has expressed disappointment with the range seen on the oil price chart and maintains that demand should be driving up prices. Two examples of this demand are the US, with its ongoing driving season and China, which continues to reopen its economy.
For a detailed analysis of the latest oil news and chart trends, read on.