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.

⛽ OIL erases gains on OPEC+ concerns

13:26 28 November 2023

🔽 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).

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Source: xStation5

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