Crude oil down over 3% now

Price moves lower as OPEC+ meets

The price of WTI crude oil is down over 3% now. The December contract has traded as low as $81.10. It is currently just above that level.

The move to the downside was helped by the technical break of the 100 hour moving average (blue line currently at $83.08. The price broke below that level then corrected up back toward it earlier in the session before rotating back to the downside. Looking at the hourly chart the next major target area comes between $80.56 and $80.77. Those levels represent the swing lows going back to October 20, October 21, October 27, and October 28.

OPEC will be meeting with the market expecting a continuation of the plan to ease outputs by 400K BPD per month.  The pressure has been on OPEC to increase outputs to help slow the inflationary impact of the higher oil prices. However Saudi and Russia have been reluctant to increase the current planned output raises (China Covid situation - and growth slow down - is also making them reluctant to further increase production).

November 04, 2021 at 01:24AM

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