Crude Oil trades on the back foot on Monday following the release of the monthly Organization of the Petroleum Exporting Countries (OPEC) report.
Crude Oil starts the week on the backfoot, sinking further below $75.00. Traders see
report sees , with the conglomerate announcing another downward revision for the third time in a row. China still looks to be struggling and unable to kickstart its economy again. With that in the equation, another downward revision could be made for the next month. Last week’s false break is to be ignored, as the move was fully paired back. It means that current pivotal levels on the upside are still valid: the red descending trendline in the chart below, and the 100-day Simple Moving Average at $75.
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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