Oil Is Volatile Ahead Of OPEC+ Decision

Oil has a very volatile trading session today. It has already tested the resistance at $49.40 and the support at $47.30. Most likely, it will easily ignore levels inside this range while traders wait for news from OPEC+ meeting.

Earlier, oil almost managed to get to the test of the $50 level but faced strong resistance as some traders decided to take their profits ahead of the OPEC+ meeting. On the support side, a move below the 20 EMA at $47.10 may present a serious problem for oil bulls as it may lead to a sell-off.