The prices for oil futures definitely grow on Monday. Crude WTI + 3.36%, oil BRENT + 1.54%. Investors’ decisions are affected by the upcoming conference of oil producing countries of OPEC, which will be held on November 30.
At the forthcoming conference of OPEC countries should be taken decision to reduce oil production in order to raise its prices. On today’s speech on this issue Vladimir Putin, confirmed that Russia is ready to reduce production in line with the findings which will be taken at the conference. Estimated the probability of getting together of OPEC countries as “very likely”.
Last corrective declines in the price of oil were associated with the uncertainty related to the upcoming meeting of the OPEC countries. From the agreement attempted to withdraw Iran, but current indications are that more significant oil producers, are firmly determined to lead to higher prices. Key countries, where reduction in oil production will significantly affect the market, are Saudi Arabia and Russia due to their participation in world oil production:
Today the price of oil WTI broke the resistance at 46.80, the highest level since Nov. 1. In the last three months, we can observe the movement between 43.50 support and 51.50 resistance, and that the latter can now be the target of increases. In the shorter term, if the price manages to remain above the level of 47.00 than the next target for the demand will be resistance at 48.30. Further resistance remains at 50.00, 51.50. While support is at levels: 46.80, 45.50, 43.50
On Monday the price of oil Brent broke the resistance at 47.00 and is heading toward the weak resistance at 48.00 reaching the highest level in three weeks. The price of Oil over three months is maintained between support 43.50 and resistance 52.80. After testing this first last week, now we may see price increases in the level of 52.80. The next resistances are arranged successively at levels: 48.00, 49.00, 51.00, 52.80. Next support are: 47.00, 45.50, 43.50.
