USOIL Slides after OPEC+ Delays Meeting
USOIL Analysis
The commodity had managed to stage a rebound over the past few days, helped by soft US inflation figures, robust economic data from China and Beijing's signals for additional support to the beleaguered property sector. However, the upside looks unfriendly for USOil, with multiple hurdles, starting from the EMA200 (close to 90). The recent rise unravels today though, after OPEC+ postponed its upcoming meeting [1]. USOil is now in risk of new monthly lows (72.23), although sustained weakness that would threaten the 2023 lows (63.63) looks like a toll order.
The conference was scheduled for the weekend, but the organization pushed it back for Thursday 30 November. This is not a good sign for prospects of more output curbs, as it may be an indication of disagreements amongst members around production. OPEC and its allies have implemented massive supply cuts, but there seems to be some dissatisfaction in regards to the contribution of some members. The policy has failed to support prices recently, which have been falling after September peak, so participants may need to further restrict supply. The International Energy Agency (IEA) warned last week that the market "could shift into surplus at the start of 2024". [2]
Nikos Tzabouras
Senior Financial Editorial Writer
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. With extensive experience in market analysis and a strong foundation in international relations, he brings a unique perspective to financial markets. Nikos emphasizes not only technical analysis but also on fundamentals and the growing influence of geopolitics on financial trends.
As a Senior Financial Editorial Writer, he delivers comprehensive and forward-looking insights across a wide range of asset classes, including equities, commodities, and currencies. His work explores how macroeconomic events, political developments, and global policies impact market dynamics, providing readers with a deeper understanding of both short-term movements and long-term trends.
References
| Retrieved 22 Nov 2023 https://www.opec.org/opec_web/en/press_room/7260.htm | |
| Retrieved 18 Apr 2026 https://www.iea.org/reports/oil-market-report-november-2023 |
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.