Daily Pivot Points
Major Daily Events Thursday
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Good Morning, oil prices are down overnight. They were up for a while, then Al Faliih said that there is no need for deeper cuts at the OPEC meeting and price crashed from there. Current cuts are alaready priced into the market. Market rumors were looking for extended cuts to be deeper than expected in a last ditch effort to get prices higher. Maybe these countries took notice, that this tactic is not supportive of higher prices over the longer term and are going to be working other ways to get prices higher. My news feed is a little messed up today, not sure how that will go, other than that everyone seems to be on board with extension of current cuts for nine more months with the same exemptions as before, as far as I could tell. Thisis also subject to change, since the meeting is not yet over. Targets to the upside are; 51.50, 51.84, 52.00 and 52.31. To the downside; 50.98, 50.67, 50.30 and 49.76. All the best!!!!