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Oil prices rebound ahead of OPEC meeting

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - Oil prices recovered ground on Thursday, underpinned by a weaker dollar and ahead of a key OPEC meeting tomorrow. Saudi Arabia is still against reducing output, despite other OPEC members are asking to reduce production to curb prices’ fall.

    West Texas Intermediate crude futures advanced up to $41.75 a barrel mid American afternoon, but gave up ground and closed the day a handful of cents above the 41.00 level, still up more than 2% on the session.

    WTI technical levels

    “Technically, the daily chart shows that the recovery stalled below a bearish 20 SMA, whilst the technical indicators have recovered from near oversold territory, but remain below their mid-lines, all of which maintains the upside limited”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price failed to establish above a bearish 20 SMA, while the technical indicators have also corrected oversold readings, but are far from supporting additional gains”.

    Support levels: 40.60 39.90 39.20. Resistance levels: 41.80 42.50 43.10.
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