Oil Price Climbs as Saudis Tell Short Sellers to “Watch out”

The last several days have seen a rise in the price of WTI oil, with today’s session adding 1.2%. A direct warning from the Saudi representative in OPEC+ aimed at oil short sellers also caused a stir before the group’s meeting in early June.

OPEC+ has been frustrated with the range seen on the oil price chart and claims that demand should be driving prices higher. Two examples of this demand come from the U.S. (due to the country’s driving season) and China (with their economy continuing to reopen).

Where do you think the price of oil is headed? Let us know in the comments and make sure to subscribe to the Capital.com channel for more coverage of oil, natural gas and other commodities.

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