Brent and WTI push higher following comments from Iranian Oil Minister Zanganeh


  • WTI and Brent push higher this morning after Iranian Oil Minister Zanganeh who said we could be looking at more OPEC cuts

WTI and Brent continue to push higher this morning after comments by Iranian Oil Minister Zanganeh who said he expects further cuts to be agreed at the 5th/6th December meeting.

In a reaction to these comments, WTI is headed toward the previous wave high of USD 56.86 per barrel. There have been lots of comments over the last few weeks about rumours of cut but nothing in the way of the amount or duration.

Generally, with oil markets, traders try and front-run with guesses and rumours. The oil market has been under pressure of late as Chinese grown slowed and PMI's from around the world fell. Some analysts have cited the trade war between the US and China for being the main reason for the global slowdown.

Currently, there has been more optimism about the talks between the two powerhouses and European PMI's improved this morning. Topping that, these comments from Iran's Zanganeh really sent WTI and Brent soaring.

On the daily chart below, we can see the price aiming for the previous wave high but there is a resistance level very close by. If the buying pressure continues then this level could be under threat. The trendline on the chart has been broken off the back of the aforementioned comments and now WTI could be shaping up for a good run.

WTI analysis

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD pressured toward 1.17 on Evergrande crisis

EUR/USD is extending its losses, falling toward 1.17. The safe-haven dollar is in demand as the crisis around China's Evergrande deepens and a global slowdown is feared. Tensions toward the Fed decision and also Germany's elections are taking their toll too.

EUR/USD News

GBP/USD tumbles under 1.37, succumbing to dollar strength

GBP/USD is trading under 1.37, suffering from robust dollar demand. The financial woes of China's Evergrande threaten a drop in global demand. Soaring energy prices are also weighing on sentiment. The Fed and the BOE are eyed later this week.

GBP/USD News

Gold bears tease five-week low near $1,750, China, Fed eyed

Gold bears regain controls ahead of the key weekly events, down 0.36% intraday near $1,748 heading into Monday’s European session. 

Gold News

Cardano introduces Layer 2 solution Hydra, as ADA price looks to rally 25%

Cardano price is grappling with a crucial support floor on the daily time frame as the big crypto experienced a minor crash. Investors can expect ADA to slice through this barrier before restarting its uptrend.

Read more

Canadian Federal Elections: Not a very crucial vote

Markets are taking a hands-off approach to Monday’s Canadian Federal election between Prime Minister Justin Trudeau's Liberals and Erin O'Toole's Conservatives. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures