Global macro overview for 10/10/2016
The Organization of the Petroleum Exporting Countries (OPEC) is preparing to meet with non-OPEC members like Russia, Brazil, Kazakhstan, Azerbaijan, Mexico, and Oman next week in Istanbul. According to Russian minister of Energy Alexanded Novak, the meeting would be just for "consultations", so an official agreement is unlikely. Nevertheless, the Russian Federation will consider a proposal from the OPEC oil producers' group to cut output if such a proposal is made, but would prefer to freeze production, added Novak at a press conference on Monday. In conclusion, the agreement on cutting the oil production output has not been reached yet despite the global supply glut.
Let's now take a look at the Crude Oil technical picture in the 4H time frame. After the series of lower highs had been violated, bulls are in control over this market. The new higher high was made at the level of 50.75 and the market is currently trading above all moving averages. The next support is seen at the level of 48.44.
