OPEC Meeting Update:
Iran Oil Minister says No chance of any agreement on production freeze at this meet, aim to bring market share back to 12-13%. Iran not willing to freeze output at current levels. Source: Reuters
This will make market fall down drastically as market awaits API data followed by EIA data. Therefore, we dont think any technical will be working on from here in crude it will be mostly driven by news based as it comes. After this week when all hustle settle down we can then think of taking fresh position in crude – Till then its just speculations.
As freezing oil production will seriously damage their economies and so its obvious they would not do any freeze. Trade with strict Stoploss and always hear the news as it comes.