Crude Oil CFD trading in rising channel ahead of OPEC meeting

USOIL

Crude oil is now trading only in the rising channel and tested to recently resistance 58.3.

OPEC’s core group and Russia appear to have consensus on deeper production cuts ahead of two days of meetings in Vienna on Thursday and Friday, according to RBC commodities strategist Helima Croft.

Analysts await the arrival of Russia’s oil minister to see if he will agree with his OPEC partners.

If oil production is expected to cut off, price will breakthrough to currently resistance 58.3 and would go up to channel upper line. Or not price would go down to channel upper line where support price 55.33.