🔽 Oil erases daily gain on another potential OPEC+ meeting delay
Oil prices took a hit this afternoon after media reports surfaced hinting at a possibility of another meeting delay. It was noted that talks among OPEC+ members on output levels are difficult and that delaying a meeting further while rolling over current policy remains a possibility. Oil dropped around 1% in a knee-jerk move with Brent (OIL) testing $80 per barrel.
Taking a look at OIL at H1 interval, we can see that price erased all of daily gains and dropped into negative territory. A pullback plays well into a bearish technical setup given that it occurred after a failed attempt at breaking above 200-hour moving average (purple line).
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Source: xStation5
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