⚡Crypto Alert : Altcoins are up 28% in just last month! Unlock gains and start trading now - Click Here

Crude Oil Trades Bearish – All Hopes turn to G20 & OPEC’s Meeting

WTI crude oil prices slipped to $50.70, pressed by record Saudi Arabian production even as the state tried to convince other exporters to agree on output cuts ahead of an OPEC meeting next week.

As per the recent news, Saudi Arabia raised oil production to an all-time high in November, pumping 11.1 – 11.3 million barrels per day (bpd) during the month.

Investors, especially buyers, are hoping that the leaders of G20 will do something to ease the trade war between China and the US to support the falling oil prices. Meanwhile, OPEC meets on December 6 to discuss production policy together with some non-OPEC producers, including Russia.

Support Resistance
49.23 52.63
48.02 54.81
44.62 58.2
Key Trading Level: 51.41

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Arslan Butt
Index & Commodity Analyst
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.
Related Articles