Can OPEC+ and Fed’s Rate Comments Reverse USOIL’s Plunge?

Traders Den

What’s happening in the markets? Exness has put together some of the most important news and events that may affect your trades in the near term.

  • Saudi Arabia is leading the output curbs. In the meeting, Saudi also asked coalition allies to curb oil output.
  • The initiative was because the price has plunged significantly from this year’s high at 94.00 USD per barrel.
  • Aside from that, Fed officials’ commentaries have given the market more confidence in the rate cuts, making the market speculate more on the rate cuts.
  • From a technical perspective, USOIL has recovered from its support at 74.00 USD per barrel. The price maintains above the level without breaking its previous swing highs.
  • If USOIL closes above 78.50 USD per barrel, the price may retest its psychological resistance at 80.00 USD per barrel.
  • On the contrary, USOIL may return to 74.00 USD per barrel if the price fails to close above 78.50 USD per barrel.

Stay tuned for more updates in the future.