Crude oil price rallied $67 & crude oil price retrace from support

Crudeoil

15-06-2018 11:00AM

WTI crude oil prices edged higher as traders contemplated remarks from Saudi's oil minister prior to the Organization of the Petroleum Exporting Countries meeting next week.

Saudi Arabian Oil Minister Al Falih reportedly said "it's inevitable" that OPEC and its allies will agree to boost oil production next week. Al Falih insisted, however, that the increase in output would be reasonable and won't be anything "outlandish."

The slight increase in oil prices comes a day after the Energy Information Administration revealed U.S. supplies dropped more than expected but output rose to a record.

Technical chart


Crude

Technical outlook

Crude oil prices moved higher and closed nearby resistance line wherein the “Rising wedge pattern" On the analysis of the 4h chart in this pattern, the prices currently indicate bullish nature on a daily closing basis, which means closing on the very day higher high candle wise.

It will drive towards upside $67-68 level which is the next level of resistance place and if prices break support at $65.90 then it would turn from positive to negative territory. If crude oil prices do not break below the 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.