FX:USOIL   CFDs on Crude Oil (WTI)
39 0 2
CRUDE OIL             BRW TECHNICAL ANALYSISCrude oil             prices probed above key resistance at June’s swing high (51.64) but failed to secure a lasting breakout, with negative RSI divergence warning that a reversal lower may be ahead. A daily close below the 14.6% Fibonacci retracement at 50.05 exposes the 23.6% level at 48.90. Alternatively, a breach of 51.64 sees the next upside barrier at 53.12, the 38.2% Fib expansion.
Crude oil             prices recovered from intraday losses after Russian Energy Minister Alexander Novak said his country is working out the mechanism for coordinating output strategy with OPEC and non-OPEC producers after a meeting with cartel officials in Vienna. A firming US Dollar             applied de-facto pressure on prices on earlier in the day.

An OPEC technical committee meeting at the end of this month will pave the way for formal talks on production cut quotas at the end of November, following on from an agreement to cut output struck at an informal meeting in September. Russia will reportedly decide if it will join the price-boosting effort following next month’s gathering.

On-going negotiations may continue to be a source of headline-inspired volatility in the day ahead as OPEC Secretary-General Mohammed Barkindo travels to Iraq to discuss production levels. The weekly set of inventory flow figures from API is also due to cross the wires. Official DOE figures to be reported on the following day are expected to show a build of 557.38k barrels.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out