OPEC+ confirms the next meeting will be on November 30

<p>The OPEC+ will indeed take place on November 30 – postponed from November 26th.&nbsp; Despite the announced meeting, the sellers remain in control.&nbsp;</p><p>Oil prices are down by over 1% currently, continuing their losses from the previous session. The drop came after OPEC+ postponed their meeting, raising concerns that oil producers might implement smaller output cuts than previously expected. </p><p>The delay was reportedly linked to smaller African producers within the group, easing some investor concerns. The uncertainty surrounding OPEC+ supply decisions coincided with data yesterday showing a significant increase in U.S. crude stocks by 8.7 million barrels yesterday much higher than the 1.16 million barrel expected. </p><p>Technically, the price rallied higher&nbsp;earlier in the week and tried to extend above the 200 day MA in the process, but momentum faded and the&nbsp;decline yesterday pushed the price to a low of $73.85. The price has moved higher off that level, but with the current price at $75.40, it&nbsp;is back below the 61.8% of the move up from the&nbsp;May 2023 low. That level comes in at $75.59. </p><figure data-media-><img src="https://images.forexlive.com/images/crude%20oil_id_665f0785-55ee-4ed3-9f93-db560cafa478_original.jpg" wrapper-="wrapper-" data-src="https://images.forexlive.com/images/crude%20oil_id_665f0785-55ee-4ed3-9f93-db560cafa478_original.jpg" /><figcaption><div>Crude oil is back below the 61.8% of the 2023 trading range</div></figcaption></figure><p><br></p><p><br></p><p><br></p>

This article was written by Greg Michalowski at www.forexlive.com.