Up $0.79 or 1.21%
Crude oil settled today at $65.85/BBL. That is up $.79 or 1.21%. The low reached $63.59 while behind extended to $65.98.
The price rose today on thoughts that OPEC is discussing a relatively modest production increase. OPEC is discussing an increase of 300K to 600K over the next few months. That would be much less than the 1.5M increase that Russia proposed.
Technically, the price today closed back above the 100 day MA at $65.48. Above, is the underside of a broken trend line at $67.32. That trend line was broken earlier in the month and was a ceiling level for traders last week. A move toward that level going forward could see selling ahead of the meeting.
For now, however, the fundamental news is in favor of the buyers until that level is reached and then the market can decide.
A move back below the 100 day MA (and it is not that far away) could muddy the water once again as the meeting approaches.
