Crude ticks up on Wednesday, flirting with a 1% gain on the day. The move comes with several Organization of the Petroleum Exporting Countries and its allies (OPEC+) delegates confirming talks are underway for another delay of plans for its production normalization. The postponement could take months, with even talks of a pushback to the second quarter of 2025, Bloomberg reports. (DXY), which measures the Greenback’s performance against a basket of currencies, is struggling again ahead of Thursday and Friday’s Thanksgiving festivities. The release of the (Fed) Minutes on Wednesday was the cue for traders to start taking profit in the Greenback rally, with only a rate cut pause or an actual rate cut under consideration for the upcoming Fed meeting in December. With the shortened trading week, all main economic data releases, such as a revised reading for the third quarter of the US (GDP), the Personal Consumption Expenditures Price Index (PCE), and the Durable Goods Orders reading for October, will be unleashed this Wednesday. At the time of writing, Crude Oil (WTI) trades at $68.81 and Brent Crude at $72.45. Oil news and market movers: OPEC+ rumours buzzing
Oil Technical Analysis: Whenever, wherever will OPEC+ normalizeCrude Oil price is attempting to recover again this week after a failed attempt on Tuesday. The question at hand is when OPEC+ could be able to control the Crude price action again, with markets already pricing in another delay towards the March statement and later dates in 2025. Without additional measures to limit supply, a return for Crude to higher prices is out of the question. On the upside, the pivotal level at $71.46 and the 100-day Simple Moving Average (SMA) at $72.40 are the two main resistances. The 200-day SMA at $76.32 is still far off, although it could be tested if tensions intensify further. In its rally towards that 200-day SMA, the pivotal level at $75.27 could still slow down any upticks. On the other side, traders need to look towards $67.12 – a level that held the price in May and June 2023 – to find the first support. In case that breaks, the 2024 year-to-date low emerges at $64.75, followed by $64.38, the low from 2023.(Click on image to enlarge)More By This Author:US Dollar Chokeholds Markets After Trump Hits Neighboring Countries With Surprise Tariffs US Dollar Surges To Two-Year High As Eurozone PMIs Disappoint US Dollar Flattens After Fed’s Williams Delivers Dovish Comments
