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Oil Soars After OPEC+ Meeting Agree Production Cuts

Oil Soars After OPEC+ Meeting Agree Production Cuts

Nick Cawley, Strategist

Oil and OPEC+:

  • Brent crude touches $63/bbl. after production cuts revealed.
  • Brent nears a two-week high after heavy sell-off.

Q4 Trading Forecasts including Oil.

Oil Turns Sharply Higher on Production Cuts

The latest OPEC+ meeting in Vienna agreed to remove 1.2 million barrels a day from the market, according to delegates on Friday. The announcement sent oil spinning higher with Brent trading back above $63/bbl. and nearing levels last seen two weeks ago. Brent crude recently entered a bear market after falling from a high price of $86.65/bbl. at the start of October to a low around $57.75/bbl. last week.

Oil Five-Minute Price Chart December 7, 2018

Retail traders are 86.2% net-long US Crude according to the latest IC Client Sentiment Data, a bearish contrarian indicator. However, recent changes in daily and weekly positions currently give us a stronger negative trading bias.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Oil – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.com or via Twitter @nickcawley1.

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

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