The combination of an increasing doubts over OPEC’s ability to cut output to 32.5-33 million barrels per day, rising crude oil supplies (with the biggest rise in crude supplies in the U.S. since at least 1984 in the week ended October 28 when EIA showed that the black oil stockpiles rose by 14.4 million barrels), strengthening U.S. dollar and steadily growing number of U.S. drilling rigs pushed crude oil sharply lower, erasing almost all mid-Sep – Oct upward move. Will the nearest support zone stop oil bears? Or maybe we’ll see a test of the barrier of $40? We invite you to check our Oil Update. Have a nice read.

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Without a doubt the most important event of the recent month (or even the recent years) was unexpected OPEC’s decision to limit its production to a range of 32.5-33.0 million barrels per day (OPEC's current output stands at a record 33.6 million bpd). The agreement reached in Algiers (which is expected to be implemented this year) improved oil investors’ sentiment and pushed the price of the commodity above the barrier of $50. But is it enough to break above the Jun peak? What is the current picture of the oil market? Is it possible that the relationship between crude oil and gold give us more clues about future crude oil’s moves? We invite you to check our Oil Update. Have a nice read.

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Crude oil has been moving back and forth in the past few weeks. Although the commodity rebounded at the beginning of the month once again, the first resistance area was strong enough to stop further improvement. Does it mean that another bigger decline is ahead us? Or maybe it’s just a bigger pause before another attack on the level of $ 50?

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Jul was the worst month for oil bulls since the beginning of the year. In the previous month, the commodity lost 14% and approached the barrier of $40. In the previous week, light crude extended losses and slipped under this important technical level after the first Aug EIA weekly report showed another build in crude oil inventories. Despite this bearish news, light crude reversed and rebounded almost immediately as investors noticed that the above-mentioned bearish numbers were overshadowed by a larger-than-expected decline in gasoline inventories. Yesterday, the commodity extended gains as speculation of potential late-September freeze from OPEC affected positively investors’ sentiment. In this environment, light crude came back above $43 and invalidated earlier breakdown under short-term support. Will this event encourage oil bulls to act later in the coming weeks?

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After few weeks between the barrier of $50 and the Apr and early May highs crude oil declined sharply and closed the day under previous lows and its first important short-term support zone. Did this drop affect the medium- and long-term picture of the commodity? Will oil bears push the black gold lower in the coming weeks? Let’s take a closer look at the current picture of the oil market and the precious metals – crude oil link and try to answer these questions. Have a nice read.

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