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

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...

XBRUSD: Prepares to Correct Intraday Rally
XBRUSD: Prepares to Correct Intraday Rally

Bearish Scenario: Sales below 80.00 with TP1: 79.34, TP2: 78.94, TP3: 78.55, and 78.00 Bullish Scenario: Buys above 78.00 (wait for a retracement to the zone) with TP: 79.34 TP2: 80.00, and TP3: 81.00

Latest news

Nasdaq, S&P 500 Reach Record Highs
Nasdaq, S&P 500 Reach Record Highs

After creating record highs, Wall Street's main indexes opened on Wednesday and began to edge lower, reflecting cautious sentiment among investors. They're eagerly awaiting crucial inflation data that could impact the U.S. Federal Reserve's interest rate decisions. The upcoming release of the personal consumption expenditures (PCE) price index is expected...

What To Trade In March
What To Trade In March

The month of February saw markets make several instinctive moves as well as create opportunities for proper leveraging of fundamental releases. Despite being a leap-year, there wasn’t any real impact on price delivery in the course of the month. As we await the opportunities that lie ahead in the month of March, here are a few thoughts to consider.

CHF: Key Zone Could Yield Strong Reactions
CHF: Key Zone Could Yield Strong Reactions

USD/CHF saw a rebound after declining for two days straight, climbing towards the important psychological level of 0.8800 during Wednesday's early Asian trading session. There's some pressure on the Swiss Franc (CHF) as traders await the Swiss ZEW Survey – Expectations report scheduled for later today. Moreover, investors are keeping...

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