OPEC+ has agreed to reduce oil output by 100,000 barrels effective next month.
Though the move is symbolic, it shows OPEC’s commitment to defending high oil prices.
The price of oil has bounced off of a key resistance area undeterred by a stronger Dollar.
Expect oil to move upward.
Though the move is symbolic, it shows OPEC’s commitment to defending high oil prices.
The price of oil has bounced off of a key resistance area undeterred by a stronger Dollar.
Expect oil to move upward.
Trade closed: stop reached:
Prices have gone through a major area of support on demand concerns for oil.
Betting against the trend was a risky proposition to begin with, time to exit any positions.
Betting against the trend was a risky proposition to begin with, time to exit any positions.