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Get ready for OPEC Meeting

OANDA:WTICOUSD   West Texas Oil
2 months ago
Oil             futures jumped on Monday after heavy falls in the previous session, reflecting volatility as OPEC officials try to salvage a deal to cut crude production ahead of a long-anticipated formal meeting of the group’s ministers on Wednesday.

The 14-member Organization of the Petroleum Exporting Countries announced a preliminary deal in September to cut oil             output to 32.5-33.0 million barrels per day (bpd) from a record 33.64 million bpd now, to bolster perennially low prices.

Although doubts existed over whether the organization, including regional foes Saudi Arabia and Iran, could agree on the mechanism of a cut, many market watchers believed last week a deal would be struck if only to save the group’s credibility.

But the chances of an agreement declined over the weekend after Saudi Arabia said oil             markets would balance next year even without an OPEC deal and a meeting with non-OPEC producers such as Russia was canceled, sparking shuttle diplomacy to smooth differences before Wednesday’s Vienna gathering.

Analysts’ forecasts for oil             prices now vary widely.
With a realistic but significant deal struck, prices could reach $60 a barrel, according to the most optimistic forecast, or barely approach $50, according to the most bearish prediction.

Should OPEC fail to strike a deal, prices may briefly fall to the low $40s but return to current levels, according to the most bullish forecast, or slide downwards to $40, opening the door to $30 a barrel, according to other predictions.

CURRENTLY NOT HOLDING ANY POSITIONS BUT LOOKING FOR
a month ago
Trade active: ATM Nothing to add :)
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hthieuvn
2 months ago
I agree with you. Thanks for your kind sharing.
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Great analysis, I am holding DWTI. In my opinion the chart says OPEC disagrees. Oil goes back to 35-40 for a more reasonable trek (and new uptrend) back up to 60 early next year.
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