On Monday there were opposite news that may impact on oil price in the nearest months. From one side Iraq wants to increase production of oil in October 2016. From the other side there will be a meeting of Opec ministers at the end of September (26 – 28). They will talk about freezing oil output during the meeting.
Such conflict of the information impact on the price of oil. Due to this we are observing the price movement between levels: 39.50 – 50.00. In the middle of August oil crude tested support at 39.50 and the price rebounded, but it didn’t reach 50.00 level. Because of this two highs occurred at the chart and right now they make up downtrend line. Currently, area 48.50 – 49.00 it is a key level, there won’t be further rise if that level isn’t broken.
Today, oil crude has moved towards 39.50 level and rebound should occur there. However, if the price returns to upward movement, its reach will be limited to 48.50 – 49.00.
