Oil is strong, rising above $40 and 6% overnight – ANZ

By FXStreet Analysts at ANZ explained that crude oil prices were strong.

Key Quotes:

“Brent crude rose above USD40/bbl for
the first time since December. Sentiment continues to improve as discussion about a production freeze lingers.

Russia’s Energy Minister said major producers plan to meet between 20 March and 1 April. In the US, crude oil output is finally shows signs of declining, forcing speculators to cut shorts.

Speculators reduced short positions in WTI crude by 15% in the week ended 1 March.
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Source:: FX Street