This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?
Oil market updates on November 27
Oil traders are awaiting the release of the weekly crude oil stocks change at 17:30 MT time.
As usual, it will show the supply situation in the oil market. According to analysts, the number of barrels held in the inventories of the commercial firms will decline by 0.5 billion. If the actual level is higher, the oil prices will fall. Let’s look at the charts of Brent and WTI ahead of the publication.
· The price of Brent has been moving up. It is trading at the highs of September. On H4, if the level of crude oil inventories comes out lower than the analysts’ expectations, the $64.62 level will be broken. In this case, there is a high chance of reaching the $65.16 level. On the other hand, if the number of barrels is bigger, the oil prices will fall to the $64.1 level. The next support will lie at $63.82. If this level is broken, the next support will be situated at $63.5. Keep an eye on the RSI oscillator. If it leaves the overbought zone, it may provide us a selling opportunity.
· WTI is following a similar scenario. At the moment of writing its price has been testing the $58.5 level. The next resistance in the focus of bulls lies at $59.06. The downward momentum will be limited by the $58.14 and $57.62 levels.
Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on January 4.
What will happen? Crude oil inventories will be announced at 17:30 MT (GMT+3) on Wednesday, September 29…
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
Today's main event for the markets is the FOMC Interest Rate Decision, where the US regulator is widely expected to keep the interest rate at the same level of 5.5%.
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