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Oil "freezing" comes short of turning sentiment positive

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Plenty of themes running through the market today, but early European focus was on a meeting between some of the leading Oil producers. Clearly there was some hope for an ‘adjustment’ to output levels, so the agreement to freeze production (unilaterally) was not well received. Saudi Arabia alluded to further supply side consideration, but Iran only agreed to the ‘freeze’ at pre sanction levels. This all proved negative for Oil, eventually taking out $29.0, leading to a USD/CAD move on 1.3900

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