Dear Traders,
Oil investors are on edge following the announcement of the rescheduling of the OPEC meeting to November 30.
Factors influencing the rise in oil prices:
Disputes over oil production quotas for smaller producers have created uncertainty in the market. Traders are awaiting confirmation of the extension of current quotas after the postponed meeting.
Saudi Arabia is in favor of production cuts, with the average daily output dropping from 10,400 to 9,100 thousand barrels since the beginning of the year. Meanwhile, oil production in the United States continues to steadily increase from 12,460 to 13,000 thousand barrels per day over the year.
All of this is putting pressure on the prices of #BRENT and #WTI contracts and intensifying uncertainty in the market, but demand from buyers remains strong enough.
From a technical analysis perspective, the situation on the charts of oil contracts resembles a symmetrical triangle pattern, indicating that the forces of bulls and bears are evenly matched.
Thus, the market anticipates crucial decisions for a breakthrough of the triangle.
Given the unstable market situation, you can safeguard your funds with the Stop-Out Insurance, which helps recover a portion of your funds in the form of a bonus.
Black gold is an excellent reason to test your skills and gain benefits in the short term. Don’t miss the opportunity to profit from current market events!
