Oil price jumps higher for a fourth straight day in a row on Monday. Oil traders are sending Crude prices higher with the assumption that the monthly report from the Organization of the Petroleum Exporting Countries (OPEC) will still bear a bullish
Oil price jumps higher for a fourth consecutive day on Monday. Traders are pencilling in a bullish outlook, with demand in Asia to pick up. The US Dollar Index trades at a pivotal level after being glued to it since last week. Oil price jumps higher for a fourth straight day in a row on Monday. Oil traders are sending Crude prices higher with the assumption that the monthly report from the Organization of the Petroleum Exporting Countries will still bear a bullish undertone.
and IEA report could be the catalyst for that turnaround, together with possible price action turning just ahead or at the 200-day Simple Moving Average near $77.69. On the upside the pivotal level near $75.27 has now been reclaimed by bulls, which now will act as support level to head back to the 200-day Simple Moving Average at $77.69. The two other major moving averages reside very close, with the 55-day SMA at $78.55 and the 100-day SMA at $79.84.
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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