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Global macro overview for 29/09/2016:
The Energy Information Administration released the inventories data yesterday that showed the stockpiles in the United States fell 1.9 million barrels for the week ended September 23, whereas analysts anticipated a rise of 2.4 million barrels after the preceding week's 6.2 million-barrel drop. Another oil-related news was that after endless hours of discussion in Algeria, OPEC reached a consensus that a reduction in oil production is necessary. OPEC's countries agreed on a production limit of 32.5mn to 33mn barrel per allocation. In conclusion, we have two good reasons for oil prices to stabilize for a little while. Additionally, more fundamental factors expected to be revealed at the next OPEC meeting in November are likely to influence the oil price.
Let's now take a look at the crude oil technical picture on the 4H time frame. Oil prices are moving higher after the news were released yesterday, and the bulls' camp has managed to break out above the golden trend line. Nevertheless, this move may still look like a false breakout, so in order to confirm it, the bulls should violate the level of 47.77.
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