The price of oil WTI does not move itself too much from the level of 44.50, and in this area should stay until the announcement of the results of elections in the US. While the Clinton victory should not have a big impact on the price of oil ,Trump victory will be treated in terms of fear of the unknown and may cause greater volatility also on oil.
OPEC tried on Monday via Secretary-General Mohammed Barkindo affect the price of oil. Barkindo recalled the commitment of OPEC to reduce oil production in accordance with the treaty negotiated at the end of September. Analysts and observers, however, doubt that OPEC will be able to put this agreement in practice
The price of oil WTI after breaking in early November uptrend line approached the area of important support at 43.00. The proximity of this level triggered a rebound, but for now you can not see here the determination of demand to derive greater reflection. The nearest resistance is at the level of 46.50. In contrast, the next support is 44.50 and 43.00. After breaking the latter, price can quickly reach the support at 39.50 with a short break on a weaker support 41.50.
