The markets remain underpinned by optimism that the OPEC-led supply cuts will be extended. The 27 November Crude Oil Fundamental Analysis reveals more.
27 November, Swissquote – Crude Oil is floating near the 59.00 U.S Dollars a barrel ratio as the Opec meetings appear mid-week. The commodity has gained value considerably the past two months but may begin to run into opposition. Nevertheless, if Opec announces an extension of its oil production reductions, the price of Crude Oil may be able to stay strong short term.
Skepticism over the length of the Keystone pipeline shutdown is also rendering support.
27 November Crude Oil Fundamental Analysis
• Crude oil has finished its consolidation and is now ready to challenge the 60-dollar level. Expected to show continued increase. Support is given at a distance of 54.81 (14/11/2017 low)
• In the long-term, crude oil has recovered after its sharp decline last year. However, we consider that further weakness are very likely. For the time being the pair lies in an upside momentum. Strong support lies at 35.24 (05/04/2016) while resistance can now be found at 55.24 (03/01/2017 high).
This article ‘ 27 November Crude Oil Fundamental Analysis ‘ was written by Yann Quelenn, Market Analyst at Swissquote.
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