Crude Oil Dips After OPEC Meeting Pushed to Thursday

Summary:

Crude oil prices dipped below the $45.00 price level after OPEC pushed their supply decision out to Thursday and API figures showed a surprise build.

Crude oil prices dipped below the $45.00 price level after OPEC pushed their supply decision out to Thursday and API figures showed a surprise inventory build. Trades were pleased to see the U.K. become the first country to pass a vaccine and this will roll out in the country from Monday.

Data from the American Petroleum Institute (API) saw U.S. crude stocks higher by 4.1 million barrels for the week, compared with analyst projections for a drop of 2.4 million barrels. EIA data released later today will provide further confirmation of this number.

OPEC has traders on edge as they have been expecting a 3-month extension to their current supply levels and prices are vulnerable to a sell-off if the group fails to deliver. In the U.K. a vaccine by Pfizer and German partner BioNTech has been approved for emergency use and this will be rolled out on Monday with millions of doses expected to be administered by Spring.

Crude Oil Technical Outlook

Crude oil has dipped below the $45.00 level but is still trading at $44.50. The Investing Cube team is currently available to help all levels of traders with the Forex Trading Course or one-to-one coaching.