WTI Crude Oil (current price: $48.19)
Next week’s OPEC meeting remained in the center of attention yesterday. Saudi Arabian officials confirmed that the country is committed to substantially cutting the production of the crucial commodity. WTI Crude still ended the day with a slight loss, as it corrected some of its earlier gains from the week. Oil might be under pressure if the OPEC meeting disappoints the market, as the strong Dollar could weigh heavily on the commodity.
Our assessment: Oil still trades in a neutral long-term range, just below the $49 resistance level. The short-term trend is bullish before next week key event.
