Brent crude oil traced out a near-term price top near 72.70 in last week and Monday via the formation of a triple top pattern.

Crude oil bounced back from 200MA in early May as rumors of extended production cuts back to the table.

Oman Oil Minister: OPEC+ may decide to extend the oil production reduction agreement by the same quota in June-Wallstreetcn

Following its 14th Meeting, which took place on 19 May 2019, in Jeddah, the Kingdom of Saudi Arabia, the Joint Ministerial Monitoring Committee (JMMC) has reaffirmed its commitment to achieving a balanced market and working towards oil market stability on a sustainable basis with solid fundamentals, OPEC official page reported.

The JMMC requested that “The Joint Technical Committee and the OPEC Secretariat continue to monitor and analyze oil market developments and, particularly, oil inventory projections in the coming weeks with a view to the next JMMC meeting making a recommendation to the OPEC Conference and OPEC and non-OPEC Ministerial Meeting, which are scheduled to meet in June 2019”.

The next JMMC meets on June 25-26 in Vienna, Austria.

Coming back to the technical picture, supports locate at 70.50$ and 70.0$ below these 69.50-68.50$ exists.

It is important to always keep in mind the risks involved in trading with leveraged instruments.

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