Global macro overview for 29/08/2016:
There were quite interesting information regarding the crude oil market shared by mass media over the weekend. The first news is all about Iran again as Iran's authorities said they would only cooperate in talks to freeze output if other OPEC exporters recognized its right to full regain market share. And the second news is related to the recent Iraq oil output data: they are now producing 3.205 mbpd in August compared to 3.202 mbpd in July, which means they slightly increased the production despite the global supply glut. In conclusion, both news will hardly help to reach an accord at the next OPEC meeting in September.
Let's now take a look at the Crude Oil technical picture in the 4H time frame. We can clearly see a reversal candlestick formation after the resistance at the level of 48.31 has hold the line. This might be the first clue of a possible reversal at this market, but as long as the level of 46.55 is still providing the support, this reversal is not confirmed yet.
