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

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!