Crude oil recent ascends meeting roadblock ahead
The recent breakout made by the crude oil may excite buying opportunities to some. For how long it will last will need to be seen if it could penetrate several layers of resistance ahead. This week price action was not powerful enough to sustain the move. Catalyst and sentiment that could influence the price action not supporting the move too, as energy giants such Exxon Mobile (XOM), Chevron (CVX), BP and Royal Dutch Shell (RDSA) giving cautious forecasts on the price projectile. Nearly all of the energy giants viewed the price of crude oil will only top $60.00 a barrel by 2026/27.
Next week, OPEC+ will meet from Monday to Tuesday to decide on the current crude oil production output, which at the current pace produced a limited volume to stabilize the price.
Next week, OPEC+ will meet from Monday to Tuesday to decide on the current crude oil production output, which at the current pace produced a limited volume to stabilize the price.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.