OPEC Boosts The Oil Market

OPEC Boosts The Oil Market

2023-11-24 • Updated

Brent crude (XBRUSD) futures is maintaining stability this Friday, with traders awaiting an OPEC+ meeting that might lead to further supply cuts. Brent crude was down 8 cents at $81.34 a barrel, following a 0.7% drop in the previous session. U.S. West Texas Intermediate crude (WTI) fell 70 cents to $76.40. Both were poised for their first weekly gain in five weeks, fueled by optimism about potential supply reductions from the OPEC+ group. OPEC+ postponed a ministerial meeting to Nov. 30 as consensus on production levels proved challenging, with expectations now leaning toward an extension of existing cuts.

XBRUSD - D1 Timeframe

XBRUSDDaily-2411.png

BRENT (XBRUSD) on the Daily timeframe has given off a crucial reaction from the demand zone, and possibly the trendline support. At this moment, given that the markets are gradually getting over the surprise postponement of the meeting, I believe XBRUSD (Brent crude) is set for a proper correction and should reach the 100-Day moving average as an initial target.

Analyst’s Expectations: 

Direction: Bullish

Target: 85.00

Invalidation: 79.50

XTIUSD - D1 Timeframe

 XTIUSDDaily-2411.png

In a very similar fashion to what we earlier analysed on the Brent crude chart, XTIUSD (West Texas Intermediate crude) has also reacted from the daily demand zone, with confluence from the support trendline. In this instance though, there are two support trendlines; giving more confirmations in favour of a bullish price action.

Analyst’s Expectations: 

Direction: Bullish

Target: 80.40

Invalidation: 75.25

CONCLUSION

The trading of CFDs comes at a risk. To succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.

TRY TRADING NOW

You can access more trade ideas and prompt market updates on the telegram channel.

Similar

Oil: Russia-Ukraine Crisis Could Boost Oil Prices
Oil: Russia-Ukraine Crisis Could Boost Oil Prices

Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...

WTI and Brent React To a Key Pivot
WTI and Brent React To a Key Pivot

Brent oil is currently on a bullish trend, facing resistance near $84 and supported by the 200-day EMA. Breaking above this level could lead to a climb towards $90. Short-term support is observed around $80, backed by the 50-day EMA. As summer approaches and travel increases, crude oil tends to benefit from seasonal patterns. Despite temporary setbacks, buying...

Latest news

USD: Powell Speaks on Cutting Interest Rates
USD: Powell Speaks on Cutting Interest Rates

Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...

WTT: Currency Pairs To Trade In April
WTT: Currency Pairs To Trade In April

Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera