Black Crack Supported – OPEC Meeting In Focus - Forex News by FX Leaders

Black Crack Supported – OPEC Meeting In Focus

Posted Tuesday, July 25, 2017 by
Arslan Butt • 1 min read

The black gold had a good 100+ pips run after the OPEC meeting. The outcome of the meeting was bullish for the oil and it's still supporting the crude oil. One of the main oil producers of OPEC, Saudi Arabia, pledged to take “significant measures” to keep rates from drifting.

Khaled al-Falih, the Saudi Arabian energy minister, promised to cut their oil exports by 1 million barrels a day in order to limit their exports to 6.6 million barrels.

Now, investors are awaiting the US consumer confidence report. A positive figure is likely to undermine the demand for the energy commodity. Any economy related fundamental from the US, the world's top oil consumer, helps oil buyers gain returns.

Crude Oil - 30 Mins Chart - Trendline ResistanceCrude Oil – 30 Mins Chart – Trendline Resistance

WTI Crude Oil Trading Plan

For now, the oil is muted and trading below $46.80, the resistance level. It is necessary to wait for the prices to get closer to $46.80 in order to place a sell order, making sure the fundamentals are in favor. The target is $46.35.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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