FX.co ★ Global macro overview for 30/11/2015

Global macro overview for 30/11/2015:

Crude prices have been decreasing for much of the year as a supply glut, geopolitical developments around the world and strong dollar continue to keep the black gold under the pressure. Energy companies have been steadily cutting costs, projects, and jobs to cope with falling revenues as a result of lower oil prices. The OPEC meeting press release is scheduled for Friday and commodity traders will be looking forward for this meeting as there might be a slight change in the overall OPEC policy towards crude prices. Remember that if we take into the account the last week's remarks of the Saudi Arabian minister for petroleum and mineral resources about Saudi Arabian readiness to cooperate with other oil producers to stabilize the market, the OPEC meeting news might be even more important.

From a technical point of view, the crude oil is trading just below the important technical resistance at the level of 43.44. Any breakout higher would directly expose the level of 45.11 for a test. The support is seen at the level of 41.67 and 40.39.