Brent Crude (OIL) gains more than 0.5% today, rising above $74 per barrel, as The Wall Street Journal sources said that Arabia will extend production cuts on tomorrow OPEC+ meeting. According to sources, cited by WSJ, Saudi Arabia prefers elevated oil prices, rather than rising market share across the global oil market. Also, the strengthening US dollar and better than expected macro data from China support a short-term bounce in oil prices. As we can see on the chat, OIL may potentially escape the symmetrical triangle formation, rising to $76 per barrel resistance. Today, we will learn US EIA inventories scheduled at 3:30 PM GMT. Also, US services ISM (November) at 3 PM GMT may increase the volatility on oil.
Source: xStation5
Daily summary: Peace agreement draft lifts the market
Oil keeps rising: is there reason to worry?
SpaceX IPO set for next month, as Nvidia shares, peace deal hopes and weak PMI data dominate sentiment
Coffee hits November 2024 lows as Brazil heads for record harvest 📉
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.
