Oil Rallies as OPEC and Allies Agree to Boost Output

The video discusses the recent increase in oil output, which was less than market expectations, leading to a positive market reaction and a rally in crude oil prices. The narrowing spread between WTI and Brent is highlighted, with WTI outpacing Brent. The discussion covers the global supply increase, significant US demand, and the influence of the dollar on oil prices. Technical analysis shows a narrowing spread trend, with prices moving from $11 to below $7 in two weeks.

What influence does the dollar have on the oil market according to the speaker?

What trend was observed in the WTI price over the last couple of weeks?