OPEC meeting will start soon
The sources reports continue to leak out ahead of the OPEC+ meeting. Earlier talk of a front-loaded set of extra easing now followed by no extra oil in December appears to be fading.
With that -- and with the soft US dollar -- WTI has quickly jumped to $76.38 from $76.00 a short time ago.
Oil is getting awfully close to some big levels here.
Scotia techs talked about oil in a note today and highlighted a potential break of the descending trend line going all the way back to 2008. "If the $75 level is overcome (for at least a few days), we believe the technical road map would point toward much higher levels."
