Oil prices trade higher early on Monday ahead of a meeting between OPEC and U.S. shale firms in Houston, raising expectations that oil producers would talk about clearing the global oil surplus.
OPEC Secretary General Mohammad Barkindo and other OPEC officials are expected to hold a dinner on Monday with U.S. shale firms on the sidelines of the conference.
Stephen Innes, head of trading for the Asia-Pacific region at futures brokerage OANDA in Singapore said "OPEC and Non-OPEC alliance remain at record high compliance, but with Russia continually pressuring for an exit strategy, OPEC will look to offer an olive branch to U.S. shale."
Suhail Mohamed Al Mazrouel, the United Arab Emirates oil minister and OPECs current president, said on Sunday that the oil cartel has not discussed rolling over production cuts until next year.
Crude oil daily chart has formed "Ascending broadening wedge” pattern. The last few sessions ended up retesting the channel’s support slope line. The market is expected to continue in bullish momentum, testing all the way through $63-64(4095-4160) levels in the upcoming sessions. Alternatively, if the market breaks below a key support holding at $60(3900) then it might turn bearish. The downside rally could test $59-58(3835-3770) levels. Resistance holds at $64(4160).
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