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Good day, dear traders! I present to your attention the review of oil after the OPEC meeting.
So, following the meeting of the OPEC member countries, which was held in Vienna, the participants agreed to reduce oil production by 500 thousand barrels per day after March 20.
This is where the good news on oil ends. The fact is that the participants did not agree on the size of quotas. Moreover, disputes over non-compliance with the existing quotas by some participating countries have flared up. Because of these disputes, the ministers even canceled a joint dinner and a press conference. These points show that not everything inside OPEC is as smooth as it sounds in the headlines. And the reductions are getting harder for the participating countries, there are disputes about non-compliance with production quotas by each country, which are very difficult to control. In my opinion, these negotiations cannot be called successful.
Now let's look at the oil chart. As you can see, the expectations of these negotiations far exceeded their outcome.
Oil met "OPEC" on the "highs" of the month. But judging by the intraday schedule, at the meeting itself, especially after the cancellation of the dinner and the press conference, the bullish mood among traders ended.
In this regard, I recommend working to lower the price of American oil until the breakdown of yesterday's lows at 55, and in the case of consolidation under this level - to hold profitable positions up to $55 per barrel.
Good luck with trading and follow the rules!
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