What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
Update for oil market
The oil traders are awaiting the release of crude oil inventories at 17:30 MT time. According to the forecasts, the number of barrels will advance by 2 million. If the actual level is higher, the oil prices will go down.
- The price for WTI has been trading within a descending channel. At the beginning of the trading day, it has failed to overcome the $54.2 resistance level. If the actual data by the Energy Information Administration shows the lower number of inventories, the price for WTI will break the $54.2 level and target the next resistance at $54.68. In case of an alternative scenario, the price for WTI will slide to the $53.4 level. The next support will be placed at $52.85.
- Brent’s price has fallen towards the support level at $58.75. If the price overcomes this level, the next support will be placed at $58.5. After that, reaching the $58 level seems possible. From the upside, the first resistance level will lie at $59.4. The next resistance will be placed at $59.84.
Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
The oil cartel completed its teleconference on Tuesday. WTI spiked above $63.
The Reserve Bank of Australia (RBA) will hold a meeting and announce changes to the monetary policy on August 3, at 07:30 MT time (GMT+3).
What events to follow and how to trade during the week of July 2-6?
EUR/USD retraced to 1.1870 after breaking out this level. It should be just a natural sell-off ahead of the further rally up.