The oil market is the most speculated market during the last six months, because there are a lot of conflict conditions in bigger oil producers. With the beginning of last month, OPEC organized an informal meeting in Algeria to find a solution to the oil prices. The problem was lower oil prices which are traded on the global forex market. The general view was about increasing the price of oil for per barrel. So, oil production cuts were the main option on the table for the OPEC members.
There will be a meeting in November, and many options will be reviewed by the OPEC members. Especially, there is a common view that Iraq will be exempted from the oil production cuts because of the conflict conditions in the country. October was a so bright month for the crude oil market, especially brent oil market was affected the positive developments. The parity started the month with 48.04 USD level and reached more than 50.85 USD level at the last week of the month. The general expectation will be positive during the November if the problems are solved by the OPEC members.
Resistance level : 51.75 USD â€‹Support level : 49.25 USD
- Date: 25 October 2016 Tue 12:06
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