Get started
UnitedFX

Crude Oil CFD trading in rising channel ahead of OPEC meeting

CFDs on WTI Crude Oil (TVC:USOIL)  
UnitedFX  
TVC:USOIL   CFDs on WTI Crude Oil
Trend Analysis
6
0
trendanalysis
USOIL
snapshot
Crude oil is now trading only in the rising channel and tested to recently resistance 58.3.

OPEC’s core group and Russia appear to have consensus on deeper production cuts ahead of two days of meetings in Vienna on Thursday and Friday, according to RBC commodities strategist Helima Croft.

Analysts await the arrival of Russia’s oil minister to see if he will agree with his OPEC partners.

If oil production is expected to cut off, price will breakthrough to currently resistance 58.3 and would go up to channel upper line. Or not price would go down to channel upper line where support price 55.33.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.