Since my analysis, emergence of latest developments from the U.S.-China summit, which ended with signals of progress in defusing trade war look quite supportive for falling crude prices. On analysis of final outcome of U.S. President Donald Trump and Chinese President Xi Jinping held high-stakes trade talks in Argentina on Saturday, and both sides signaled they made progress toward defusing a damaging tariffs war between the world's two largest economies. I find this major development at global front may encourage crude bulls to move upward from the current levels. No doubt that crude bears try to defend at every upward move, but I find that bull will find more support ahead with positive outcome from the OPEC+ meetings on December 6 and 7 for further upward moves during the upcoming week. Let’s have a look at the movements of WTI Crude Oil futures in the following charts.
Disclaimer: This analysis is only for educational purpose. Readers are requested to kindly consider their own view first, before taking any position.