Trading Forex and CFDs is risky
Read HotForex Daily Market Analysis

US OIL rallies over $56.00

Market Analysis

USOil, H1

US Oil rallied to $56.38 highs during the London morning session, with gains reportedly coming on the back of comments from Saudi energy minister. According to the Wall Street Journal, the minister said that he favours further production cuts to keep market re balancing efforts under way, adding that details would be forthcoming at the November 30 OPEC meeting. Record U.S. production, and rising U.S. inventories could derail further gains going forward.

Technically,  the rally stalled at the H1 200 period moving average, and still holds the $56.00 handle as the New York cash markets open. Support resides at the $55.65-40 zone on an intra day basis.

Click here to access the HotForex Economic calendar.

Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. Click HERE to register for FREE! The next webinar will start in:

Stuart Cowell

Senior Market Analyst


Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.