OPEC meeting

Crude Oil Week Ahead: Crude oil faces volatility risks ahead of the OPEC meeting, now rescheduled for Wednesday to accommodate all members and avoid a clash with the Gulf Summit. Sideways price movements persist, leaning towards a bearish bias for 2025.

Oil prices are on the verge of breaking below strong previous support at the 93.00 level...

When OPEC+ meets later this week, it is unlikely to increase output more than the expected 648,000 bpd.

The OPEC and its allies (OPEC+) are continuing to slowly relax the output cuts they introduced in 2020

The Turkish Lira hit fresh new lows overnight as President Erdogan fired his Finance Minister (for opposing rate cuts, along with everyone else).

Oil prices fell to a 4-week low overnight, during their most bearish session in 3-months.

USD/RUB has been moving lower, however, the pair bounced off strong support at the 61.8% Fibonacci retracement from the January 2020 lows to the March 2020 highs

OPEC+ agreed to stick to raising output by 400k bpd in November despite rising pressure from some countries to ease tightness in the oil market. Both oil benchmarks have seen oil prices surge to levels last seen in 2014.