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Crude oil has started June on a weaker footing, with both Brent and WTI breaking through crucial support levels today. Given the fact that we have broken through and completed a double-top for the first time in two months, it is worth taking a look at whether this is indicative of something bigger for oil ahead of tomorrow’s OPEC meeting.
Looking at the wider picture, while US Crude has seen an incredible rally over the past four months, we still remain within a long-term downtrend until price breaks through $51.24. With that in mind, it is perhaps telling that we have seen the market start to weaken from the $50 region. It is a big hurdle to cross and perhaps given the substantial gains we have seen, the traders do now want to attempt to break it ahead of an OPEC meeting.