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Oil Sees Struggling Uptrend Despite Price Gains

  • Leader
    Oct 22
    As of early this morning (GMT+8), WTI ended higher 1.95% with oil
    prices increasing in the wake of the meeting of the OPEC+ Joint
    Ministerial Monitoring Committee (JMMC), which was held on the night of
    September 17.To get more news about WikiFX, you can visit wikifx official website.

      At the meeting, the OPEC+ committed to fully comply with the
    production cut agreement and urge the “cheating countries” to compensate
    for overproduced barrels. As the compensation may last till the end of
    the year, market stability will be further promoted. The OPEC+ also
    pledged to “actively” adjust the cuts quota of 2021 when necessary, so
    as to deter speculation on crude oil.

      Oil prices jumped by 1.95% after the meeting and have bounced back
    above 200-DMA, which may be a technical progress uplifting oil bulls.


      As far as the trend this month, oil prices are still edging down and
    may struggle to extend its rebound ahead of the critical zone of
    technical resistance around the $41.00. A back-test of the 50-DMA could
    keep a lid on further advances attempted by the commodity.

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