OPEC Boosts The Oil Market

OPEC Boosts The Oil Market

2023-11-24 • Updated

Brent crude (XBRUSD) futures is maintaining stability this Friday, with traders awaiting an OPEC+ meeting that might lead to further supply cuts. Brent crude was down 8 cents at $81.34 a barrel, following a 0.7% drop in the previous session. U.S. West Texas Intermediate crude (WTI) fell 70 cents to $76.40. Both were poised for their first weekly gain in five weeks, fueled by optimism about potential supply reductions from the OPEC+ group. OPEC+ postponed a ministerial meeting to Nov. 30 as consensus on production levels proved challenging, with expectations now leaning toward an extension of existing cuts.

XBRUSD - D1 Timeframe

XBRUSDDaily-2411.png

BRENT (XBRUSD) on the Daily timeframe has given off a crucial reaction from the demand zone, and possibly the trendline support. At this moment, given that the markets are gradually getting over the surprise postponement of the meeting, I believe XBRUSD (Brent crude) is set for a proper correction and should reach the 100-Day moving average as an initial target.

Analyst’s Expectations: 

Direction: Bullish

Target: 85.00

Invalidation: 79.50

XTIUSD - D1 Timeframe

 XTIUSDDaily-2411.png

In a very similar fashion to what we earlier analysed on the Brent crude chart, XTIUSD (West Texas Intermediate crude) has also reacted from the daily demand zone, with confluence from the support trendline. In this instance though, there are two support trendlines; giving more confirmations in favour of a bullish price action.

Analyst’s Expectations: 

Direction: Bullish

Target: 80.40

Invalidation: 75.25

CONCLUSION

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