OPEC Uncertainty and Surprise Crude Inventory Builds

٢ ديسمبر ٢٠٢٠

Postponement of OPEC+ JMMC, Saudi stepping Down from Co Charing the JMMC, UAE is projecting an independent policy from Saudi. Russia, Iraq and Nigeria is not willing to compensate for over production, along with a surprising report from API showing inventory build for crude, gasoline and distillates is adding to the bearish momentum. technically breaking through the channel downwards will signal further bearish momentum and breaking through 45.8$ can signal upward trend, which can be short lived before a correction is due.