OPEC and partners meet in St. Petersburg where the Saudi energy minister says he expects a deep cut in nation’s August exports.
Saudi Arabia’s Al-Falih says;
- Mechanisms are in place to ensure better compliance
- Oil demand is healthy broadly-based
- Sees Saudi deep cut in August
- Exports have become key metric for financial markets
- Inventory draw-down to accelerate
OPEC may need to discuss in November extending cuts.
Crude Oil WTI - Oil showed an upward movement intraday and it is trading above the 45.95 major support level. As long as the price sustains above 45.95, on a daily basis, the rise may continue and we will face resistance level at 46.60 and 47.15. Although, if the price drops below 45.95 again, the next support level will be at 45.25.
Support: : 49.95 – 45.25 – 44.30
Resistance: 46.60 - 47.15 – 48.15
Gold – Gold price is trading above the key support level of 1255. As long as the yellow metal remains on a four-hourly basis above 1255, the bullish action may gain momentum. At this point, we will face resistance level at 1273. On the other hand, if the price drops below 1255, the next support level will be at 1236.
Support: 1255 - 1236 – 1226
Resistance: 1273 – 1286 - 1294