Crude oil prices continue to inch higher; details here

It is a second straight day in this week where we are looking at a bounce back coming in for commodities. Crude oil prices are trading at $70 plus per barrel for both the varieties. This is as the traders are covering their shorts; this is also after OPEC and allies may counter downward price pressure that was seen on Friday.

OPEC have moved its meeting from Tuesday to Thursday. They do want to watch out the impact of one - the stock release from consumer countries; two, the inflation concerns and three, the concern coming out of COVID restrictions and that is how they will take a call.

The expectations are that they may not increase production by 400,000 barrels. They may defer it and that is exactly the kind of statement the markets want to hear before they take further positions in case of crude.