Crude Oil Prices Retreat Ahead Of OPEC+ Meeting, US Blacklists CNOOC

The historic negative correlation between crude oil prices and EIA DOE inventory changes can be viewed in the chart below. The next release of the data is scheduled on December 2nd.

Crude Oil Prices Retreat ahead of OPEC+ Meeting, US Blacklists CNOOC

Source: Bloomberg, DailyFX

Technically, WTI has likely formed a bearish “AB=CD” pattern that usually indicates a near-term trend reversal. A pullback could lead to further consolidation towards US$ 43.40 – the 23.6% Fibonacci retracement. The RSI indicator rose into overbought territory last week and has since retraced, suggesting a technical correction could be underway (BNO,OIL)

WTI Crude Oil Price – Daily Chart

Crude Oil Prices Retreat ahead of OPEC+ Meeting, US Blacklists CNOOC

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