Global macro overview for 19/10/2016:
Interesting comments from Saudi Arabia energy minister Khalid A. Al-Falih has hit the mass media recently. He mainly commented about the oil market and the global economy as a whole. He said, that economic fundamentals are improving and the oil market is clearly balancing. Moreover, he said that the OPEC can impose a continued stabilizing influence if members make joint efforts as the alignment among oil producers is increasing. At the end he added, that some Non-OPEC producers are showing a willingness to freeze or cut production, but more clarity needed on production in Libya, Nigeria, and Venezuela. To sum up, Falih stated a quite optimistic point of view, but in general he reiterated all thorny problems and issues that OPEC members are dealing with.
Let's now take a look at the Crude Oil technical picture in 4H time frame. The market is still trading above all of the moving averages and recently it broke above the dashed trend line. This action might suggest tha tthe bull camp wants to wants to test the recent high at the level of 51.58 again. The key support is still at the level of 49.13.
