Forex Marketz Daily Forex News – Fully Markets Update
The price of US WTI crude rose for the fourth session in a row during Asian trade hours as reports surfaced quoting the Kuwaiti energy minister, Issam Almarzooq, saying his country and other key OPEC members favor extending the production cut deal that the oil cartel struck with non-cartel producers, like Russia, late last year.
The OPEC Secretary General, Mohammad Barkindo has already said, from the sidelines, at a cartel meeting in Baghdad that there are coordinated efforts to reduce bloated global crude inventories. Those comments passed unnoticed by crude traders but remain as a very real motivator of volatility as the summit moves forward. There are concerns that country’s, like Russia, might not be on board for an extension.
Crude Oil Technical Analysis
Using the above daily MT 4 chart, let’s discuss today’s technical analysis. The price action of the black gold is now in the midst of its longest winning streak in two months.
There is a first layer of technical resistance lining up at $52.05 per barrel. A daily close above this first layer of technical resistance, challenges the next upside barrier that lines up at 53.58.
The alternative technical analysis, notes the first downside barrier lining up at 50.15. A break below this first layer of technical support challenges the next downside barrier that lines up at $49.99 per barrel.
