Crude Oil Trades Sideways – G20 & OPEC’s Meeting Up Next! - Forex News by FX Leaders

Crude Oil Trades Sideways – G20 & OPEC’s Meeting Up Next!

Posted Friday, November 30, 2018 by
Arslan Butt • 1 min read

Crude oil seems to gain support as traders turn their focus from the US-China tensions to the G20 leaders’ summit. The summit is due to be held in Argentina on Nov 30 – Dec 1.

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

Crude oil is heading north towards 23.6% retracement at $51.47 and the bullish breakout of this level can lead it towards 38.2% retracement at 52.30. Whereas, the immediate support prevails at the psychological level of $50 and below this, oil can go after $49.40 and $48.95.

Good luck!

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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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