wiat until 90 $ break then go long for 92.45The major bullish influence on prices over the near-term will be the OPEC+ production cuts and the EU embargo of Russian oil. Unfortunately, instead of having a bonafide rally, crude oil prices are likely to remain rangebound because of the ‘noise’ in the market ahead of next week’s Fed interest rate decision.
if the Fed will trim the pace of rate hikes in December, the market will be free from some of the ‘noise’. This will allow traders to focus clearly on the true supply/demand fundamentals.
We see a bullish trend developing in crude but we may have to wait until after November 2 before we see enough buyers to sustain the upcoming rally.
