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Oil upticks after Saudi announcement

Discussion in 'Technical Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The most notable event came in the form of the Saudi Press Agency, who said that the government would do all it could to ensure price stability in the oil markets. An immediate uptick was seen in WTI and Brent, which helped bolster CAD and RUB. The OPEC meeting is on December the 4th, this release seems to be hinting that they may limit production. It’s a policy that some of its members, most notably Venezuela, have been calling for some time and would inevitably lead to higher benchmark crude

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