Crude oil trend chart analysis and OPEC meeting scheduled on June 22
WTI crude oil prices edged higher Monday as Iraq's oil minister cautioned producers against moderating limits on production cuts balancing reports of an increase in Russian and Saudi output.
With this, the oil prices rebounded from weakness earlier in the session subsequent to reports that Russia and Saudi Arabia had increased output.
Russian oil production reportedly rose by 150,000 barrels per day in the first week of June to 11.1 million barrels by day which was above the country’s allocation agreed in OPEC-led production agreement.
Crude oil prices closed near previous support which has now become resistance line as it was unable to break the last seven sessions.
As per the technical analysis crude oil, 4h chart has broken the resistance line yesterday and indicates bullish reversal now. It has formed “Falling channel pattern” which has broken out. In this pattern, prices have made their third attempt to retest resistance line which was the previous support and has now become the resistance line (an upward sloping trend line) that comes around $66. A break above and close of the 4 H candle will turn bullish towards upside $67-68 and support is revised to $64.80.Traders wait in anticipation for the OPEC meeting scheduled on June 22nd.