In the last few weeks the oil price has been supported by a general risk on scenario in markets, which has seen the price recover from the bottom of $51.50 reached in early October to almost $58. Investors’ eyes are now looking to the next OPEC and OPEC+ meetings, which are going to be on the 5th and 6th of December in Vienna. Markets will be looking to see if OPEC+ will be able to contain supply while demand is on a slow but constant decline.
The WTI price has faced and surpassed the resistance level of $57.70, while the next key levels are at $59.40 and $61 with the trend still supportive for oil.
Chief analyst at ActivTrades and technical analyst for Italian newspaper 'La Stampa'. Carlo Alberto provides regular commentary for UK outlets including the BBC, Telegraph, the Independent Bloomberg & Reuters. He is also a weekly commentator for CNBC Italy and a columnist for La Stampa. He worked for Bloomberg as their Equity Research Fundamental Analyst before joining brokerage ActivTrades in 2011 to specialize in currency markets and commodities. In 2014 he published a 250-pages book on gold and the gold market, followed in 2018 by a new updated edition.
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© 2019 High Leverage FX - All Rights Reserved.