Vi använder en mängd olika cookies för att du ska få den bästa användarupplevelsen. Genom kontinuerlig användning av denna webbplats godkänner du vår användning av cookies. Du kan läsa mer om vår policy för cookies och redigera dina inställningar här eller genom att följa länken längst ner på alla sidor på vår webbplats.
There is an 18% rally in crude going into this anticipated OPEC meeting. While assisted by some strong drawdowns in US inventories, we clearly need to see the 12 OPEC and 10 non-OPEC countries not just show a cohesive and coordinated plan, but also over-delivery relative to expectations.
We have seen oil getting savaged, although I don’t sit in the camp that we will see a full retest and break of the May lows of $44.00 based on disappointment towards what was delivered today alone. You wouldn’t have even known the collective had agreed to a new nine-month extension if you had looked at price action alone, but there were a number of questions that oil traders were left asking and that was enough to cause a vicious key day reversal into $48.51. If still running long positions, I would want to see $48.35 hold.