🔽 Oil erases daily gain on another potential OPEC+ meeting delay
Oil prices took a hit this afternoon after media reports surfaced hinting at a possibility of another meeting delay. It was noted that talks among OPEC+ members on output levels are difficult and that delaying a meeting further while rolling over current policy remains a possibility. Oil dropped around 1% in a knee-jerk move with Brent (OIL) testing $80 per barrel.
Taking a look at OIL at H1 interval, we can see that price erased all of daily gains and dropped into negative territory. A pullback plays well into a bearish technical setup given that it occurred after a failed attempt at breaking above 200-hour moving average (purple line).
Start investing today or test a free demo
Create account Try a demo Download mobile app Download mobile app
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.
