Crude oil prices dipped lower on Monday as traders waited for the OPEC meeting in Vienna as it is expected that OPEC and non-OPEC producers will agree to extend output curb.
Oil futures added to losses sustained last week as traders choose against commencing bullish bets on oil prices ahead of the Organization of the Petroleum Exporting Countries (OPEC) on Nov. 30.
Opec producers agreed to extend production cuts in May for a period of nine months until March, but wedged to production cuts of 1.2 million bpd agreed in November last year.
The (API) American Petroleum Institute data is due to be released later on today.
Crude Oil 4Hr chart has formed the “Descending broadening wedge” pattern and the last session has met up with the channel’s resistance slope line which indicates that market could retest the level and turn back to bearish momentum in the upcoming sessions. The downside rally could test $56-55.50(3642-3610) levels in the upcoming sessions. Resistance holds at $57(3707) and Support holds at $55.75(3625).