OPEC and OPEC+ meetings start at the end of the week. Crude oil rose above 200 hour moving average for the 1st time since October 10
OPEC meetings start on Thursday. Production will of course be a key topic of discussion
Some comments have crossed in the last few minutes regaarding Saudi and Russia - the world's two largest exporters
- Saudi Arabia wants a more equal distribution of output cuts
- Russia and Saudis are said to differ on how to share oil cuts
- Russia said it could cut output by a maximum of 150,000 B/D
The price of crude oil is trading at $3.26, up $2.33 or 4.57%. The high price extended to $53.85. The low reached $52.03. Last week, the price of crude oil dip below the $50 level, for the first time since October 2017.
The price rise today has taken the price above the 200 hour MA at $52.28. That is the first breach above that MA level since October 10th. Stay above, tilts the bias more to the upside (although it has to stay above).
