September 24, 2020
​Oil Sees Struggling Uptrend Despite Price Gains
As of early
this morning (GMT+
, 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.
  All the above is provided by WikiFX, a platform world-renowned for
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Posted by: wisepowder at
02:40 AM
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