The direction of prices for the next couple of days depends on what the OPEC countries want more: immediate price gratification and make no moves to increase production or work towards sustained economic growth and announce future production increases. Since OPEC quotas affect Europe more than the U.S., there was greater anxiety there and Brent went up 2% while WTI edged sideways barely in positive territory. OPEC members have been sending out a message that they will increase production but there are no official statements to that effect yet. The dollar fell today and that kept WTI from falling for a 3rd straight day. What happens tomorrow will depend on what OPEC actually plans to do.
Today, WTI+8¢,$99.09; Brent+$2.30,$116.78; RBOB+4.2¢,$2.9919; HO+5.96¢,$3.077.
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