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.

  1. 8.30am – Australia will release their Retails sales and Trade Balance – both are expected to be weak – more downside awaits for AUD.
  2. ALL DAY – OPEC MEETING – CAD & OIL drama and volatility expected.
  3. 9.15pm – ADP NFP – Preview of NFP Friday – expect volatility.
  4. 9.30pm – Canada will release their Trade Balance data – volatility expected
  5. 9.30pm – US will release – Trade Balance, revised unit labor cost & unemployment claims – all are expected to be good.
  6. 10.45pm – US will release their final Service PMI – Expected to be good. Volatility expected in favor for USD.
  7. 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.

High Risk Investment Warning:

Please note that Forex and other leveraged trading involves significant risk of loss, It is not suitable for all traders and you should make sure you understand the risks involved, it is recommended that you seek an independent advice, if necessary.

 

5 Comments
  1. stornobrzinol 7 months ago

    so much good information on here, : D.

  2. There are some interesting cut-off dates on this article however I don’t know if I see all of them center to heart. There is some validity however I will take hold opinion until I look into it further. Good article , thanks and we wish more! Added to FeedBurner as effectively

  3. Great post, you have pointed out some excellent points, I as well think this s a very fantastic website.

  4. Enjoyed studying this, very good stuff, thankyou. “What the United States does best is to understand itself. What it does worst is understand others.” by Carlos Fuentes.

  5. I genuinely value your piece of work, Great post.

Leave a reply

Your email address will not be published. Required fields are marked *

*

CONTACT US

We're not around right now. But you can send us an email and we'll get back to you, asap.

Sending

FINWAZE makes no representations or warranties, express or implied, in relation to this website (www.finwaze.com) or the information and materials provided on this website. It does not also warrants that this website will be constantly available or available at all times. The information on this website is complete, true, accurate or non-misleading. Nothing on this website constitutes, or is meant to constitute, advice of any kind. FINWAZE shall not be liable for any damage or injury, whether direct or indirect, that it may cause in relation to the contents of, or use of, or otherwise in connection with this website. By using this website, you agree to the reasonableness of the limitations of liabilities herein set out and further agree to assume whatever risk, loss, damage or injury in may cause in connection to the use of this website. No claims shall be brought personally against the officers and employees of FINWAZE, in connection with the use of this website. The user of this website agree to the limitations of warranties and liabilities herein set out to protect the officers, employees, agents, subsidiaries, successors, assigns and sub-contractors as well as FINWAZE. Any unenforceable provisions that may be found on this website under applicable law shall not affect the enforceability of the other provisions.

Legal Documents  |  ©2022 Finwaze Philippines

Pin It on Pinterest

Share This

Log in with your credentials

Forgot your details?