Oil today: oil is waiting for the OPEC meeting

At the tradings on Monday, major oil brands are trading in different directions, waiting for the OPEC meeting to be held on November 30. In general, the dynamics of oil remains ascending, only slightly limited by the  correction after growth.

The different directions of the main brands of oil WTI and Brent is caused by some uncertainty and fears. Thus, the oil market looks with optimism and apprehension at the forthcoming meeting of OPEC, which is expected to continue the agreement to limit oil production. The main fears of the market are caused by the fact that the extension of the agreement will stimulate the increase in the production of shale oil in the US, which can completely absorb the positive effect of the OPEC agreements.

Recommended for reading: Technical analysis.

• The nearest resistance levels: for WTI – 59.00 and 59.50 $ per barrel, for Brent – 64.00 and 64.50 $ per barrel.
• Supported by the mark: for WTI – 58.00 and 57.50 $ per barrel, for Brent – 63.50 and 63.00 $ per barrel.

Brand Brent

WTI Brand

Hanzenko Anton