The OPEC+ will indeed take place on November 30 – postponed from November 26th. Despite the announced meeting, the sellers remain in control.
Oil prices are down by over 1% currently, continuing their losses from the previous session. The drop came after OPEC+ postponed their meeting, raising concerns that oil producers might implement smaller output cuts than previously expected.
The delay was reportedly linked to smaller African producers within the group, easing some investor concerns. The uncertainty surrounding OPEC+ supply decisions coincided with data yesterday showing a significant increase in U.S. crude stocks by 8.7 million barrels yesterday much higher than the 1.16 million barrel expected.
Technically, the price rallied higher earlier in the week and tried to extend above the 200 day MA in the process, but momentum faded and the decline yesterday pushed the price to a low of $73.85. The price has moved higher off that level, but with the current price at $75.40, it is back below the 61.8% of the move up from the May 2023 low. That level comes in at $75.59.
Crude oil is back below the 61.8% of the 2023 trading range