Oil erases early gains

Oil erased early gains after OPEC+ decided to maintain its current output hike of 400,000 barrels a day despite President Joe Biden’s calls to raise production by as much as 800,000 barrels a day. Russia’s Energy Minister Alexander Novak said that the cartel and its allies are committed to ensuring market stability and that the group has enough tools to react to a sharp demand recovery. Today's move from OPEC+ prompted speculation that the U.S. may tap its strategic reserves. Meanwhile, Iran announced that it is scheduled to resume negotiations on a nuclear deal with western nations on November 29th, in a bid to remove US-imposed sanctions, which could increase global oil supplies.

OIL.WTI jumped to local resistance at $83.20 early in the session, however sellers regained control following OPEC+ comments and price pulled back sharply towards major support at $79.75, which coincides with 23.6% Fibonacci retracement of the upward move launched in August 2021, lower limit of the 1:1 structure and lower bound of the descending channel. Should break lower occur, downward correction may deepen towards next support at $76.75. Source: xStation5

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