Crude Oil trades rather steady this Thursday with selling pressure building after US President Joe called the recent active ceasefire deal in Gaza as a permanent cessation of hostilities, Bloomberg reports. Meanwhile OPEC+ has confirmed it will postpone its upcoming Output Policy Meeting decision from Sunday to December 5th. The conglomerate of Oil Producing and Exporting Countries (OPEC) is again facing an existential crisis with a slowdown in global demand with more non-OPEC supply to be released to markets taking place. (DXY), which measures the performance of the US Dollar (USD) against a basket of currencies, is bouncing off a technical support level. With US markets closed Thursday and Friday for Thanksgiving and Black Friday, the bounce comes from Europe where France is facing issues. The French Prime Minister Michel Barnier warned that France could become unstable if the French parliament does not pass a much needed budget plan, and could cause issues for France on financial markets, Bloomberg reported. At the time of writing, Crude Oil (WTI) trades at $68.97 and Brent Crude at $72.73
Oil news and market movers: OPEC+ has no time
Oil Technical Analysis: A delay is not a solutionCrude Oil price still faces selling pressure with traders becoming impatient on what OPEC+ will do to make sure Crude OIl prices remain supported. With the slowdown in the Chinese economy, a global slowdown in Oil demand and the US set to and dump many more barrels under President-elect Donald Trump, the rabbit that OPEC+ will need to grab out of its magic hat, must be an impressive one. Keep in mind that with plenty of stops placed just elbow $67.00, a quick correction to even $66.00 or $64.00 could be a possible scenario. On the upside, the pivotal level at $71.46 and the 100-day Simple Moving Average (SMA) at $72.26 are the two main resistances. The 200-day SMA at $76.27 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)US WTI Crude Oil: Daily ChartMore By This Author:Crude Oil Ticks Up Rumors Picking Up On OPEC+ Discussions US Dollar Chokeholds Markets After Trump Hits Neighboring Countries With Surprise Tariffs US Dollar Surges To Two-Year High As Eurozone PMIs Disappoint
