Crude Oil Jumps to $ 40, after Saudi Comments
Skerdian Meta•Monday, November 9, 2020•1 min read
Crude oil was trading sideways from the middle of September until the end of October, when it started to tumble lower, as the US elections were approaching and the risk sentiment turned negative, due to the uncertainty, sending crude oil lower, to $ 33.50. But oil reversed higher last Monday, as the USD dropped again, and it has been bullish since then.
But the 100 SMA turned into resistance late last week, rejecting the price initially, but today’s comments from Saudi Arabia sent it surging higher again, and US WTI Crude has just climbed above $ 40.
Saudi Arabia Energy Minister Speaking
- Oil market still stable despite Libyan return, new lockdowns
- OPEC+ output deal could be extended if need be
- We can tweak OPEC+ deal if there is consensus
- New lockdowns won’t impact demand to the same extent as in April
- We have choices, remain flexible
I reckon they can be pleased that the slump in the dollar in the past week has helped to take some of the focus away from the shortcomings on the oil market of late. Oil is up by nearly 10% on the day, climbing close to $ 41. So, Oil has turned massively bullish now, and we will try to buy pullbacks lower, probably at the 100 SMA, which was acting as support before.
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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