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Crude Oil Outlook: Oil Prices Remain Supported Ahead of OPEC+

Crude Oil Outlook: Oil Prices Remain Supported Ahead of OPEC+

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Oil Forecast: Neutral

  • Crude oil prices remain supported as fundamentals and technical support higher prices
  • US Crude (WTI) tests the upper bound of the rising channel formation
  • Brent crude rebounds from $86
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Over the past few weeks, oil prices have continued to proceed along a upward trajectory as commodity shortages remain a key concern for global economies.

With OPEC+ expected to meet on November 4th, output cuts will likely continue to support oil’s steady rise unless the organization agrees to increase production by a larger amount.

Meanwhile, key technical levels may further assist in the catalyzation of price action for the imminent move.

Oil – US Crude (WTI) Price Action

After nine consecutive weeks of gains, WTI crude oil is currently testing a key level of resistance at the key psychological level of $84.

After pricing in the fundamental factors which remain at the forefront of risk sentiment, oil prices may likely continue to sustain the upward trajectory, at least for now.

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If bulls are able to push through the key level of resistance at $85, a breakout towards $90.00 may be in the cards. However, fears of higher wage inflation and increased production could result in a resumption of the bear trend and a possible retest of psychological support at $80.00.

US Crude Oil (WTI) Weekly Chart

Chart prepared by Tammy Da Costa using TradingView

How to Trade Oil: Crude Oil Trading Strategies & Tips

Meanwhile, the weekly chart above illustrates how Fibonacci levels from historical moves have provided additional support and resistance for oil prices over a longer period of time.

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While key Fibonacci levels will likely continue to provide both support and resistance for future prices, a MACD crossover above the zero line suggests that the upward momentum may be losing steam.

US Crude Oil (WTI) Daily Chart

Chart prepared by Tammy Da Costa using TradingView

Oil - US Crude Bullish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -11% 20% 0%
Weekly -9% 19% 2%
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--- Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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