{"id":11195,"date":"2021-07-02T09:22:00","date_gmt":"2021-07-02T08:22:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=11195"},"modified":"2021-07-02T22:38:58","modified_gmt":"2021-07-02T21:38:58","slug":"oil-prices-make-a-new-high-as-opec-extend-meeting","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/oil-prices-make-a-new-high-as-opec-extend-meeting\/","title":{"rendered":"Oil prices make a new high as OPEC+ extend meeting"},"content":{"rendered":"\t\t
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Market Brief<\/strong><\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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One thing the markets do not like is uncertainty. The focus today will be how well the OPEC+ nations can come to some sort of agreement about how much supply is needed into H2 of 2021. There is a real concern that oil prices will drop if the oil nations were to ease cuts and although Russia and Saudi Arabia are willing to take that risk, the United Arab Emirates, Kazakhstan and Iraq are concerned about 2 million extra barrels per day that could come from an easing of cuts and Iran\u2019s contribution should sanctions get lifted.<\/p>

Oil<\/a> prices started the new month off with a close above $74 and settled mid-way in the day\u2019s range. It is unlikely that the disagreements which caused the major sell-off last year would re-emerge and a consensus view of an extra 500k bpd is most likely to happen. Which means the oil contract is likely to continue moving towards the 2018 swing high and above $80 in the near future.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The weekly chart shows that the 20, 50 and 200 period moving averages are all indicating higher momentum. Price action is above the last 200 bars and the LCrude CFD is making higher highs and higher lows. It would take a $15-$20 drop in prices to reverse this trend fully and even though the stochastic indicator is overbought in the daily and weekly time frames, in a trend, this only confirms what the market structure is telling us. I do not see this as any reason to look for a short.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The increasing oil prices are going to give the Canadian dollar a bid, but for the USDCAD<\/a> the price action is going to start going sideways if the US dollar continues to catch a bid.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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With the US NFP also out today, the EURUSD<\/a> is looking to test the rising trend line support and possibly take the swing lows and the stops underneath them. The price action is now confirming lower lows and lower highs, the moving averages are all above current price and rolling over, so a break of the support line and we could accelerate towards the 1.1700 for TP1 and 1.1600 for a TP2 target. The record decline in Spanish Unemployment did not move the dial for the direction of the euro, so all eyes are on the US dollar later today.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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If the markets were worried about anything major, the yen would be catching a bid. As it is the USDJPY<\/a> is now accelerating away from its recent breakout level.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The USDJPY sentiment indicator on the ActivTrader platform is showing how the acceleration in bullish price action is inverse to the increase in short positioning by retail traders on the platform. These traders are going to get squeezed out at some point and that maybe where the bulls take profits. I will definitely be keeping an eye on this.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Market Brief See real-time quotes provided by our partner. One thing the markets do not like is uncertainty. The focus today will be how well the OPEC+ nations can come to some sort of agreement about how much supply is needed into H2 of 2021. There is a real concern that oil prices will drop […]<\/p>\n","protected":false},"author":5,"featured_media":11196,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[64,18,106,67,31,22,48],"yoast_head":"\nOil prices make a new high as OPEC+ extend meeting - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/oil-prices-make-a-new-high-as-opec-extend-meeting\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil prices make a new high as OPEC+ extend meeting\" \/>\n<meta property=\"og:description\" content=\"Market Brief See real-time quotes provided by our partner. One thing the markets do not like is uncertainty. The focus today will be how well the OPEC+ nations can come to some sort of agreement about how much supply is needed into H2 of 2021. 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