Oil edges lower ahead of OPEC meeting
Oil prices dipped on Wednesday ahead of a meeting of the world’s biggest exporters, who will discuss cutting output to help shore up prices and curb excess supply. The Organization of the Petroleum Exporting Countries, Russia and other producers will meet in Vienna this week to discuss a potential cut in production. A monitoring committee of OPEC and its allies, including Russia, agreed on the need to cut oil output in 2019, two sources familiar with the discussions said, adding that volumes and the baseline for cuts were being debated. Brent crude LCOc1 futures fell 52 cents to settle at $61.56 a barrel after earlier reaching a session high of $63.29 a barrel and a low of $60.80. Read more @ https://www.reuters.com/article/us-global-oil/oil-edges-lower-ahead-of-opec-meeting-idUSKBN1O4036?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+reuters%2FbusinessNews+%28Business+News%29
Oil-Sands Crisis Hits Home as Canadian Natural Cuts Spending
The pipeline shortage that has been strangling the Canadian oil industry is weighing on spending plans for next year, with one major producer slashing its capital budget for 2019 by C$1 billion ($750 million). Canadian Natural Resources Ltd., citing a lack of shipping options, said on Wednesday that it’s targeting a base capital plan of C$3.7 billion for next year, about C$1 billion less than its normalized plan. Of next year’s spending, only 16 percent is aimed at increasing output, and the remainder is allocated to keeping it flat. Read More @ https://www.bloomberg.com//news/articles/2018-12-05/oil-sands-crisis-hits-home-as-canadian-natural-cuts-spending?srnd=markets-vp
WHAT IS THE TECHNICAL CHARTS SAYING?
Finally the USD and OIL are heading to different directions – more downside awaits for Oil & CAD; today opec meeting will create more volatility for Oil & CAD. Be cautious and manage your money management.
TODAYS NEWS THAT MIGHT AFFECT YOUR TECHNICAL TRADES.
- 8.30am – Australia will release their Retails sales and Trade Balance – both are expected to be weak – more downside awaits for AUD.
- ALL DAY – OPEC MEETING – CAD & OIL drama and volatility expected.
- 9.15pm – ADP NFP – Preview of NFP Friday – expect volatility.
- 9.30pm – Canada will release their Trade Balance data – volatility expected
- 9.30pm – US will release – Trade Balance, revised unit labor cost & unemployment claims – all are expected to be good.
- 10.45pm – US will release their final Service PMI – Expected to be good. Volatility expected in favor for USD.
- 11.00pm – US will release their ISM Non- Manufacturing data – expected no change.
The market should consolidate today before Friday NFP data – swings are expected throughout the day accept for CAD & OIL. Always maintain good money management.
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