China relaxing COVID restrictions and OPEC+ announcing additional cuts to output would be game changing moves and could be a major turning point for prices.
The OPEC+ decision would be particularly bullish since it would give traders the confidence to buy dips aggressively in the market on the notion that OPEC+ has their backs.
Later today at 21:30 GMT, the American Petroleum Institute (API) will release its latest weekly inventories figures. It is expected to show a drop of 3 million barrels of crude oil.
Traders will also be monitoring the U.S. Dollar since a weaker greenback tends to support dollar-denominated crude oil.
The OPEC+ decision would be particularly bullish since it would give traders the confidence to buy dips aggressively in the market on the notion that OPEC+ has their backs.
Later today at 21:30 GMT, the American Petroleum Institute (API) will release its latest weekly inventories figures. It is expected to show a drop of 3 million barrels of crude oil.
Traders will also be monitoring the U.S. Dollar since a weaker greenback tends to support dollar-denominated crude oil.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.