Three Things That Will Drive Oil Prices In May

The Energy Sector (NYSEARCA:XLE) has taken the lead in the S&P midday sector standings on Wednesday trading, jumping 3.5% as OPEC+ appears ready to stick with earlier plans to slightly increase oil production from May 1. The OPEC technical committee has issued a bullish oil demand forecast, although a hawkish tone by the Fed could derail the recent oil price gains. Meanwhile, the Federal Open Market Committee (FOMC) meeting is scheduled to take place on 27-28 April 2021, with the committee set to announce any changes to its monetary policy…