#EconomicCalendar
You don't know what to trade?! Trade oil!
🔜 Friday will be an important day for the oil market. OPEC and its allies will negotiate on the further oil supply.
Have you already heard that Iran is ready for the modest rise in output? And it's only a few days after it was absolutely against any increase in the supply. As a result, the oil market fell.
An increase in the oil output always leads to oil’s decline. So, if OPEC and allies agree to increase production, oil will fall further.
🔸 Up to now, Brent has been trading below the pivot point at 74.40. Negative news from the meeting will pull the oil benchmark to the support at $71.65. Otherwise, it will be able to recover.
🔹 WTI has tested the pivot point at $65.25, however, stays above it. The negative news will lead to the fall below the pivot point. Otherwise, WTI will be able to stay above $65.25.
You don't know what to trade?! Trade oil!
🔜 Friday will be an important day for the oil market. OPEC and its allies will negotiate on the further oil supply.
Have you already heard that Iran is ready for the modest rise in output? And it's only a few days after it was absolutely against any increase in the supply. As a result, the oil market fell.
An increase in the oil output always leads to oil’s decline. So, if OPEC and allies agree to increase production, oil will fall further.
🔸 Up to now, Brent has been trading below the pivot point at 74.40. Negative news from the meeting will pull the oil benchmark to the support at $71.65. Otherwise, it will be able to recover.
🔹 WTI has tested the pivot point at $65.25, however, stays above it. The negative news will lead to the fall below the pivot point. Otherwise, WTI will be able to stay above $65.25.