Crude Oil Touching Important Values

U.S Crude Oil has continued to add to its climb which has been underway since June of this year. Important resistance levels are being approached and will be tested in the near term. OPEC will be conducting important production meeting next week.

Psychological Resistance Being Tested

U.S Crude Oil has broken through short-term support and is testing important psychological resistance. The commodity has made a serious climb in value since June of this year.

Crude Oil is trading below 58.00 U.S Dollar’s a barrel and is testing values not seen since May of 2105.

Better Sentiment Surrounds Crude Oil

Crude Oil inventories data will come from the States today, but supply numbers from the U.S have played an insignificant factor in the recent climb for the energy.

The belief that the global economy is helping Crude Oil, and what has been a rather unified policy on production via the major global players has helped create a foundation for the commodity.

OPEC Meeting Next Week

U.S Crude Oil may be ready to touch the 60.00 U.S Dollars a barrel level, which would certainly bring a smile to Oil investors who have a vested interest in higher prices.

OPEC will conduct an important meeting next week regarding Crude Oil production and this has likely been factoring into speculative positions being taken too.

In the short term, we believe U.S Crude Oil may be negative on technical reversals. Mid-term and Long-term we are unbiased.

Yaron Mazor is a senior analyst at SuperTraderTV.

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