Crude Oil Forecast And Technical Analysis Nov 20th

Latest New and Fundamentals:

Oil ended the week on a rebound as Saudi Arabia moved to dissipate doubts that Russia is ready to extend output curbs. Saudi Arabia’s Energy Minister Khalid Al-Falih said OPEC should announce an extension of the cuts when it meets on Nov. 30.

Another catalyst was a major oil spill on the Keystone pipeline in South Dakota while fueling opposition to another pipeline project by owner TransCanada Corp that faces a crunch decision in Nebraska next week.

The climb in U.S crude futures and slide in Canadian heavy crude prices, as well as TransCanada Corp shares, came the day after the 5,000 barrel spill, tied for this year’s largest pipeline leak in the United States.

I have been mentioned that Russia will play the key role in Oil prices. Saudi Arabia has had extensive consultations with Russia and the minister said he feels “fully convinced” the country will be “fully on board” when a resolution is made.

Crude Oil Forecast and Technicals Analysis