Oil falls slightly and focus is on OPEC +
Oil is down slightly, but is expected to gain more than 2.5% the week the United States announced it would release strategic reserves. Attention is drawn to the OPEC + meeting next week.
Fixed Crude Oil for Weekly Gains
the oil price oscillate between small gains and small losses as the spotlight shifts to next week’s OPEC meeting.
Oil prices are expected to rise more than 2.5% again for the week, the same week that the United States and some other oil-consuming countries such as India and Japan announced they would release reserves. Strategic oil at a time to cool oil prices and control inflation. Traders will be watching closely to see if China follows suit.
The move came after OPEC ignored repeated requests from oil importers to lower oil prices, instead sticking to the planned 400,000 barrel-a-day increase agreed in July.
OPEC has already warned of a glut of oil next year and has now said it expects stocks to rise to a surplus of 1.1 million barrels a day after the release of US reserves.
COVID cases are also increasing in Europe, with several countries locked down. Germany’s new government was formed today and said the first task is to control COVID, which could lead to mobility restrictions.
What’s next for crude oil prices?
As oil prices rebounded from 72.70 near the SMA-100 moving average, the rebound stalled at the SMA-50 moving average at 78.83.
Buyers will need a close above the SMA-50 moving average to target a round number of $ 80.00 and last week’s high of $ 80.86. A move above could see buyers gain traction.
Meanwhile, if the SMA-50 moving average is not taken, the price could bounce to 74.70 and the SMA-200 moving average to 74.15.
By Fiona Cincotta, Forex.com » Official site
Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or solicitation regarding the purchase or sale of currency exchange contracts or CFDs. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and does not assume responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.
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