Crude Oil pops higher on Thursday, near 1% on the day, amid headlines that OPEC has a deal within reach to delay the foreseen production normalization.
Crude Oil edges up slightly towards $70 after extending losses on Wednesday.
opens the floodgates too soon and too quickly. The US Dollar Index , which tracks the performance of the US Dollar against a basket of currencies, is falling towards 101.00 after the US JOLTS Job Openings data on Wednesday suggested labor market conditions are easing quickly. Not only the previous month’s numbers were revised downwards, but also the actual July number came in far below 8 million.
. This delay appears to be the minimum needed to keep Crude Oil prices afloat at the current levels. On the upside, the lost $75.27 will be the first level to head back to. Next up, the double level at $77.43 aligns with both a descending trendline and the 200-day Simple Moving Average . In case bulls are able to break above it, the 100-day SMA at $78.00 could trigger a rejection. On the downside, the low from August 5 at $71.17 has been broken. From here, the $68.
is a group of 13 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When
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