Crude Oil Shows Strength

Coming off of last week’s two day OPEC + Russia meeting where the decision was to pull 1.2 million barrels of oil daily from the markets, Light Sweet Crude has begun to show strength.  The proof of this agreement will however ‘be in the pudding’, as we wait to see if each of the parties involved, uphold their end of the agreement.

Over the past couple of weeks, Crude has tested the $50 level but failed to close below it.  Therefore from a trading standpoint we are looking for a breakdown below $50 or a meaningful push above the $55 level.