U.S. West Texas Intermediate Crude Oil soared on Friday as investors breathe a sigh of relief as OPEC and its partners decided to cut 1.2 million bpd. On Thursday, Saudi Arabia took the wind out of the sail of the bullish traders when its oil minister said it would be happy with a production cut of about 1 million barrels per day. Prior to the comment from the Saudi’s, the market had been pricing in a cut in output of up to 1.4 million barrels per day. The daily chart is set up for a breakout to the upside and we have identified what we believe is the trigger point for an acceleration to the upside. All the bullish traders need now is for OPEC and its major ally Russia to stick to their guns and cut output. Technical Analysis The most vital industry information will soon be right […]