Crude Oil Prices reached the psychological support
Is this bottom for Crude Oil prices? Will OPEC let the prices go below 50.-USD ?
The UAE Energy Minister Suhail al-Mazrouei: there is a risk of build up in OIL inventories in 2019 but remain confident that OPEC+ will act to prevent inventory buildup next year consensus building.
• Confident OPEC+, including Russia ready to support a decision in Dec. to balance the OIL market.
• OPEC will do what is needed to keep the market stable.
• OIL production is above expectations.
• We need to change our strategy to adjust production.
• Our strategy would require us to reduce OIL production.
• UAE will support OPEC decision to balance the market in Dec.
• We have cut in the past and adhered to our output target.
• If we need to cut again, we will do it.
Technically: Crude Oil Prices reached the and psychological support. Crude Oil is trading at 55.38 in spot markets.
Nice Buying Opportunity withratio:
Targets: 56.25 / Target Reached
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