Crude Oil is unfit to remain bullish enough to hold above $70.00 on Wednesday, with traders getting nervous over geopolitical tensions and OPEC+ set to act.
Oil price turns flat after having peaked above $70.00 briefly with US stockpiles building. Tensions brew in the Middle East with President-elect Donald Trump vowing to iniate war if Israeli hostages are not released. The US Dollar Index ticks up on Fed officials pushing back on odds for a rate cut in December. Crude Oil is unfit to remain bullish enough to hold above$70.
+ watcher Grant Smith warned in a recent post that meeting could turn in a “buy the rumour, sell the fact” moment. These drivers could quickly dissolve and see Crude prices go the other way. On the upside, the pivotal level at $71.46 and the 100-day Simple Moving Average at $71.79 are the two main resistances. The 200-day SMA at $76.10 is still far off, although it could be tested if tensions intensify further. In its rally towards that 200-day SMA, the pivotal level at $75.27 could still slow down any upticks.
is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When
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