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Oil prices are declining due to a postponement of the OPEC meeting

Oil prices today show a moderate decline in response to reports of the postponement of the OPEC + video conference. Earlier it was expected that the conference will be held on June 4.

 

As early as Wednesday, the media disseminated information that the conference was postponed at the initiative of Saudi Arabia. The Saudi Arabia wants to get data for May on the level of implementation of the agreements reached earlier in order to develop a plan for further negotiations.

 

At the same time, some OPEC participants stated that a preliminary agreement had already been reached between Russia and Saudi Arabia to extend the current agreement on limiting production until the end of July. In the near future, these agreements should be agreed with other OPEC members.

 

Meanwhile, on Wednesday, the US Energy Information Administration (EIA) stated that over the reporting week, the level of US oil reserves fell by almost 2.1 million barrels and experts predicted an increase of 3.0 million barrels.

 

Today, the main influence on the dynamics of oil prices will be exerted by news and future plans of OPEC and the situation on stock exchanges.

 

Uncertainty is growing on the chart. The price could not overcome the resistance at the level of 38.00 and continue to grow. At the same time, the bulls so far keep the price above the important support level of 35.70. Most likely, in the near future we shall see a flat in the range of 35.70-38.00.

 

  • Resistance levels: 38.00, 39.00, 40.00.

 

  • Support levels: 35.70, 34.00, 31.50.

 

The main scenario - a consolidation in the range of 35.70-38.00.

 

An alternative scenario - a breakdown of support at the level of 35.70 and a decline towards 34.00.

 

The current fundamental outlook is neutral. We consider longs from the level of 35.70

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