Brent crude has major support at the $78.70 level, as expectations are high OPEC+ will ignore calls to pump more oil.
This week is all about OPEC+, so the weakness hitting Brent crude should run out of steam. US production increased by 200,000 bpd, returning to pre-Hurricane Ida levels. Tasnim News Agency (Iran press) reported talks will start on November 29 thĮarlier, it was all selling pressure for oil prices after a mostly bearish EIA report showed production picked up, stockpiles grew larger-than-expected, and as the crude demand outlook over the short-term remains unclear.
Crude prices were little impacted by the dovish Fed taper announcement but did extend declines after reports that a date has been set to restart Iran nuclear deal talks.
