Crude Oil Crawls Higher, Despite the OPEC+ Meeting This Week
Crude Oil bounces off the 20 SMA as buyers remain in control despite OPEC tomorrow
Crude Oil continues to remain resilient. We saw a decent pullback in March, which took the price down from $68 to $57.30s, but that couldn’t keep crude Oil down and the bullish trend resumed again. y the middle of this month we saw another pullback, but sellers couldn’t push below $60 and buyers jumped in.
Although, they have had trouble reaching the highs from March and the 20 SMA (gray) is pushing US WTI crude higher on the H4 chart. Today we saw another bounce off this moving average and th price is now heading for the previous highs at $68, which is the highest level in three years. Tomorrow starts the OPEC+ meeting and Iran remains a wildcard.
Personally, I don’t see OPEC+ upsetting the status quo tomorrow, but the market will be looking for hints on any step up in production later this year. That is one of the main risk to watch during the week besides the technical considerations and risk sentiment.
In the bigger picture though, there will be growing expectations that OPEC+ will resume full production and eventually flood the market with oil again. That said, demand conditions are also expected to be strong enough to take all that in by then. As such, there is still a strong bullish consideration for Oil as long as the sentiment remains positive and the global economy keeps growing.
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
Related Articles
Comments
Sidebar rates
Related Posts
Save
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals