FxGrow Daily Technical Analysis – 30th Nov, 2016
By FxGrow Research & Analysis Team
OIL PRICES ARE POISED FOR OPEC-DEAL FINAL TOUCHES, US CRUDE INVENTORIES EYED
OPEC members are once again closing on final touches to strike a deal set in Vienna on the 30th of Nov between the old rivals. OPEC leaders are convening as final talks ahead of Wednesday’s announcement begin.
On the weekend, signs of rift erased the illusion that it was virtually a done deal. On the weekend, Algeria’s oil minister flew to Tehran to help break a deal. Also, Saudi official said the market could re-balance on its own. That was a signal they would be ready to walk away from any proposal. Iran and Iraq are the main key players in act of glue for the final oil cartel decision. Iraq has shown a willingness to compromise but it wants flexibility to bring production back online in ISIS-controlled areas. Iran is more insistent on raising production to 4 million barrels per day and beyond.
Technical levels to watch : Weekly Pp 47.01
Resistance levels : R1 46.81, R2 47.89, R3 48.65
Support levels : S1 44.43, S2 43.61, S3 43.04
Remark : traders should stay alert and tight attention to OPEC meeting results today in Vienna, also US crude oil inventories scheduled to be released at 3:30 PM GMT. These are the elemental keys for the coming crude oil price.
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