CRUDE OIL Long Opportunity

The UAE Energy Minister Suhail al-Mazrouei: there is a risk of build up in oil inventories in 2019 but remain confident that OPEC+ will act to prevent inventory buildup next year consensus building.

• Confident OPEC+, including Russia ready to support a decision in Dec. to balance the oil market.
• OPEC will do what is needed to keep the market stable.
• Oil production is above expectations.
• We need to change our strategy to adjust production.
• Our strategy would require us to reduce oil production.
• UAE will support OPEC decision to balance the market in Dec.
• We have cut in the past and adhered to our output target.
• If we need to cut again, we will do it.

Technically: Crude Oil Prices reached the demand zone and psychological support.

Nice Buying Opportunity with good risk reward ratio:

Stop: 54.00
Target: 58.00 and 60.10

Commento:

Sub Targets:
56.25 , 57.80, 58.40