There are many speculations about the OPEC meeting on Friday in Austria. Saudi Arabia, the United Arab Emirates and Russia are pushing for an increase in OPEC production to Compensation the production deficit, whilst Iran, Iraq and Venezuela are opposed to this increase. The price of Crude Oil rose yesterday due to the opposition of the countries mentioned.
From a technical point, the price reached a bearish trend line mid-term and the price reaction will determine the trend to follow.
In addition, today, an announcement will be made for the changes in US crude oil inventories where a continuous decline is expected. This could increase demand for crude oil on international markets.
Support levels: 72.45, 71.27, 70.00
Resistance levels: 79.16, 80.48, 81.60
