The price of crude oil rose slightly in the Asian session after a report yesterday said that Russia was willing to join Saudi Arabia in cuts.
November 30, OctaFX – During an interview in Argentina, Deputy Foreign Minister of the Russian Federation, Sergei Ryabkov said that the country wanted predictability and smooth price dynamics.
He added that no one was interested in oversupply. Soon afterwards, Trump announced that he was cancelling a meeting with Russia’s Putin at the G20 summit.
This was pinned on Russia’s refusal to release Ukraine navy ships and sailors seized in a maritime confrontation last Sunday. With the price of oil so low, it’s likely that Russia and Saudi Arabia will work on how to boost its price.
Crude Oil Technical Forecast
After falling below $50 yesterday, the price of crude oil jumped slightly overnight. The XTIUSD pair is now trading at 51.64. The RSI has moved from below 29 and is currently at 50.
There are also signs that the short-term and long-term EMAs are crossing one another. News over the coming days could lift the prices.
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