CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Further attempts to revive the oil market - Saudi Arabia raises export prices

08:35 6 December 2021

Today's session starts quite positively for oil. We have a big bullish price gap and the WTI price is approaching $68.00 level. From the bulls perspective, prices need to stay above the upward trendline and the 78.6% Fibonacci retracement of the last upward wave.

Of course, the key factor that now affects the prospects of entire economies, including the demand for oil, is the coronavirus, and specifically its new variant - Omicron. At the moment, the first reports indicate that it is a very contagious strain, but the potential side effects of it are not severe.

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 It is also worth mentioning Saudi Arabia, which decided to raise export prices for Asia and the United States, despite the risks associated with the coronavirus. This is probably because the market was hit by a deficit prior to the start of the current wave. Let us also recall that OPEC + has recently decided to keep the policy unchanged and intends to increase production by 400,000 barrels per day in January, but at the same time is ready to react in the event of significant changes in market factors.

WTI crude oil (OIL.WTI) is trading above major support. Next target for the bulls is now to break above the 61.8%  Fibonacci retracement and the lower limit of the upward channel. On the other hand, the key level for sellers is located around $ 64-65. Should break lower occur, downward impulse may accelerate towards $58. As you can see, the dollar is not providing any support for oil at the moment, although at the same time the divergence has narrowed sharply in recent days. Source: xStation5

This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.

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