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Oil Prices Seek Support with Oncoming OPEC+ Meeting

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Oil prices gained in the past week; some rumors have circulated that OPEC might continue to maintain current production levels.

Analysts are also considering the possible extension of weak demand from China as Covid cases continue to rise.

US Oil – 4 hour Chart

Crude oil prices rose by more than 3% in intraday trading on Tuesday following rumors that the OPEC+ weekend meeting may keep production unchanged; despite being once turned down it eventually retained most of the gains. Technically, the signal of rebounding at the bottom has been confirmed. Still, attention should also be given to resistance brought by the $82.35 level as a necessary threshold being the previous high. However, given the weak demand from China in light of increasing Covid cases, the downtrend in crude oil is likely to continue.

Last Updated: November 30, 2022

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Oil Prices Seek Support with Oncoming OPEC+ Meeting

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