OIL: What You Should Know...

OIL: What You Should Know...

Yesterday the price created a bearish move testing a new low near $75.20 per barrel.

The support area near $76.30 proved to be very strong and pushed the price back up.

All bearish moves happened because:
An increase of up to 500,000 barrels per day is now under discussion for OPEC+
Dec. 4 meeting, the WSJ reported, citing delegates.

The first market reaction predicted a bearish move after the news but after that
the price erased all losses and today oil is trading at $80.80 per barrel or $3.6 more.

We are in the winter season and we all know that during this season oil and energy consumption
is generally higher. So the price of oil should also increase.

However, we should be cautious about these speculations.

December 4th will be another big speculative day for oil.

Thanks and good luck!