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Crude Oil Updates by Solid ECN
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[QUOTE="SOLIDECN, post: 214064, member: 80239"] [HEADING=1][JUSTIFY]Crude Oil - Upward Momentum may Continue[/JUSTIFY][/HEADING] [JUSTIFY]Benchmark Brent Crude Oil is correcting to trade just above 91 after OPEC+ decided to cut production by 2.0M barrels per day. The cartel's actions caused a lot of discussion from Western countries, but the organization's secretary general, Haitham al-Ghais, said that this deal was not a political decision but was dictated solely by the balance of supply and demand. In his opinion, the situation on the market may change significantly soon, and the cartel needs to react now. According to other officials, these measures are dictated by a ban on importing oil and petroleum products from Russia to the EU, which will come into force on December 5. [img]https://i.ibb.co/Jc95WqC/oil.png[/img] On the daily chart of the asset, the price is moving within a downwards corridor near the resistance line. [B]Resistance levels[/B]: 93.86, 99 | [B]Support levels[/B]: 88.80, 82.37[/JUSTIFY] [/QUOTE]
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