Oil bounced off of its lowest level in 13 years after “The Wall Street Journal”, reported UAE Energy Department officials said OPEC is ready to cut production aspects of cooperation, and expressed in terms of current prices for all oil-producing countries are inappropriate, from an optimistic point of view, the current market is forcing the parties can no longer increase crude oil production; in addition, although in the case of oversupply, still on the oil market will return to balance this optimism.
UAE Energy: non-OPEC supply can be reduced by up to 80 million barrels / day.
The WTI quickly rose to $ 27.44 / barrel currently trading at $26.95. The WTI made a low at 26.00 that was the lowest settlement since early May 2003.
Trading support finds at 26.65, 26.00 and 25.00
Resistance seems at 27.70, 28.60 and 29.60
Weakness remains open below 26.60 and bears grip tighten again below 26.00 towards $25/24.80 levels.