Crude oil is down -1.75% today
OPEC meets at the end of the week and the Kuwait's oil minister is speaking:
- OPEC and other producers will at upcoming meeting take appropriate decision to maintain oil market stability
- not discussing oil price levels, but rather production levels, realizing market stability and preventing price fluctuations
Crude oil is being hit today. It is down $-1.16 or -1.75% at $64.69. Yesterday, the price close back above its 100 day moving average at $65.47 (closed at $65.85 yesterday). Today, the price is back below. You can argue that the market is simply buying time around the key 100 day MA until there is more clarity from the OPEC+ members.
