Crude oil inventory tonight & opec meeting in vienna june 2018

Crudeoil

13-06-2018 10:30AM

WTI crude oil prices edged decently higher on Tuesday followed by a monthly report which revealed the Organization of the Petroleum Exporting Countries increased output last month.

OPEC in its monthly report said "Recent developments in the oil market have led to pronounced uncertainty about the second half of the year.”

OPEC also declared that oil output from members ascended by 35,000 barrels in May, to an average 31.87 million barrels a day (bpd). Saudi Arabia, meanwhile, ramped up production by 85,500 but that was balanced to a certain extent by falling output in Nigeria, Venezuela and Libya.

This had a contrast with Saudi Arabia's own data revealing output increased by 161,400 bpd to above 10 million bpd in May, from 9.9 million bpd the prior month. The slight increase in Saudi output comes as investors were anxious that the major oil producers could consent to ease limits on production at OPEC's meeting next week.

Technical chart


Crude

Technical outlook

I have analysed the Crude oil 4h chart which has formed a “Rising Wedge pattern”. In this pattern, the prices are on the way towards support line at $65.40.Further, if it declines below $64.70 then selling pressure might be extended. If crude oil prices do not break below support as I mentioned, then it would turn further bullish towards upside $ 66.80.Traders wait in anticipation for the OPEC meeting scheduled on June 22nd.