US crude oil has been on the rise over recent days, with the Saudi production announcement bringing upside for energy markets. However, that rebound takes price into a key Fibonacci resistance level, bringing a risk of another bearish turn to maintain the two-month consolidation in place. With the OPEC meeting kicking off today, and inventories data up ahead, Scope Markets Chief Market Analyst Joshua Mahony highlights the arguments for a wider rebound in time, but also the short-term picture for WTI.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.