Oil price rose after report from Cushing, Oklahoma said that the oil supply has declined 650,000 barrels. Meanwhile, Saudi Arabia energy minister Khalid al-Falih said that his country and some middle east countries along with Russia has agreed to limit their production to 4%.

OPEC member will hold a technical meeting on Saturday. OPEC officials also will hold a meeting on November 20 to discuss about the detail of the production limitation.

Technical Analysis:

Intraday bias for oil remains bearish as it is halted at the resistance area at 49.63-50.12. For today, you can wait for bearish signal confirmation within the resistance area to go short with 49.33 as target and 48.85 in extension.

Be very careful if the price managed to break above 50.12 because it possibly will turn the intraday bias into bullish and oil price may rise to 50.42-50.90.

Trading Plan:

– Sell on bearish signal confirmation within 49.63-50.12; target at 49.33 or 48.85

Oil Chart:

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