Black Crack Supported – OPEC Meeting In Focus
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 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.