Brent Crude Latest: Coordinated SPR Release Unlikely to Affect High Oil Prices

brent crude latest coordinated spr release unlikely to affect high oil prices

Sumary of Brent Crude Latest: Coordinated SPR Release Unlikely to Affect High Oil Prices:

  • Brent Crude Oil Analysis:Oil price U-turn: Oil prices trading back at the same levels before the SPR rumors and subsequent confirmationOPEC + Response unclear ahead of the December 2nd meetingIG Client Sentiment suggests ‘wait and see’ approach ahead of the OPEC meeting Oil Price Turnaround: A Possible Case of ‘Sell the Rumor Buy the Fact’?
  • Technical Levels: Crude OilCrude prices are relatively flat after Tuesday’s close (daily) after rejecting the 100% Fib retracement (77.60) of the July to August decline.
  • Crude Oil Daily Chart Chart prepared by Richard Snow, IGOPEC + Response to Coordinated SPR ReleaseThere is yet to be any official OPEC + response as the energy producing countries are still to meet next week.
  • OPEC + remain set to meet on the 2nd of December to discuss the SPR release and other demand and supply expectations heading into 2022.IG Client Sentiment ‘Mixed’ as Price StabilizesIG captures data around WTI prices which is being used in this analysis as a proxy for market sentiment in the crude oil market.
  • Oil – US Crude: Retail trader data shows 53.58% of traders are net-long with the ratio of traders long to short at 1.15 to 1. We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Oil – US Crude prices may continue to fall.

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