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Trade Alert – Oil Opportunities

by | Jun 3, 2020 | Daily Trade Alert

Just yesterday, we highlighted Axon Enterprise Inc. (AAXN), as it traded at $91.84. It’s now up to $98.40 and could move well above $100 with riots and protests raging in the U.S.

Oil prices could soar to $40, near-term.

All on hope OPEC+ will agree to extend output cuts during its conference this week. According to Business Insider, Russia and other OPEC members are looking into a one-month extension to cuts that are set to end in June. Meanwhile, the Saudis may be in favor of extending production cuts for another one to three months longer.

All in an effort to rebalance the supply-demand issues.

This comes just weeks after OPEC+ agreed to cut production by up to 9.7 million barrels a day in both May and June. That brought some relief to the oil market battered by the coronavirus.

If we see an extension of cuts, one of the top ways to trade the news is with Exxon Mobil (XOM). In recent months, XOM plummeted from $70 to less than $30. However, it’s just now beginning to recover from those lows, and could potentially refill a bearish gap around $58.

Other top ways to trade a bigger potential recovery in oil is by trading ETFs, such as the United States Oil Fund (USO), the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), and even ProShares Ultra Bloomberg Crude Oil (UCO).

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