Black Crack Supported – OPEC Meeting In Focus

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

• Last updated: Tuesday, July 25, 2017

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.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.