Oil prices surged in early European trade after a recent drop, driven by hopes of a ceasefire in the Middle East and concerns over Trump’s policies on oil drilling. The focus has shifted back to supply-demand dynamics, causing uncertainty in the market.
OPEC + to Consider Oil Cut Rollover in December
OPEC+ is gearing up for a crucial meeting on December 1st, where discussions will revolve around a potential oil cut rollover into 2025. The conflicting views between OPEC+ and the IEA on oil demand are adding to the uncertainty in the market.
Oil Inventory Data Ahead
The upcoming API and EIA oil inventory data releases will provide valuable insights into U.S. crude supply levels, influencing the balance between supply and demand. The market awaits this data eagerly to gauge the future direction of oil prices.
Technical Analysis
From a technical standpoint, oil has been consolidating within a narrow range, with key support and resistance levels identified. The market is closely watching the range between 76.35 and 71.00, waiting for a breakout in either direction.
Analysis Breakdown
With geopolitical tensions and policy decisions impacting oil prices, investors need to stay vigilant. The outcome of the OPEC+ meeting and the oil inventory data releases will provide crucial insights into the future direction of oil prices. Technical analysis highlights key levels to watch for potential breakouts. Stay informed to make informed investment decisions in the volatile oil market.