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
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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.
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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