What are the importance of OPEC meetings and their influence on oil prices? This article examines the main factors answering this question.
Tag - oil
Technically, Brent made a big advance yesterday rising from the support of the 100- and 50-day MAs in the 61.25 area.
Would you mind to trade some oil? If the answer is yes, you’ve clicked on the right section.
OPEC will hold another meeting on December 5-6. This article examines the possible outcomes of this meeting in the context of one of the primary influence factors.
The first week of December will be highlighted by the RBA meeting as well as the job report for the United States. Learn more!
Oil traders are awaiting the release of the weekly crude oil stocks change at 17:30 MT time.
Today, the oil prices may move on the release of crude oil inventories at 18:00 MT time.
This week Brent has reached the highest levels since the end of September. It looks like oil has bottomed. Yesterday the price met resistance at 61.80 (100-day MA).
According to yesterday’s news OPEC is considering further production cuts. The next meeting of oil-producing countries is scheduled for December 5-6. The announcement pushed the oil prices up yesterday.
Heads up to the release of weekly crude oil inventories at 17:30 MT!
Technically WTI is testing levels below the 200-week MA. This makes it vulnerable for the retest of June and August lows.
Crude oil inventories will be out at 17:30 MT time