Brent Crude Oil Consolidates Ahead of OPEC+ Meeting

FXOpen

The ATR indicator on the XBR/USD chart has dropped to its lowest level since early autumn, signalling reduced volatility. This likely reflects market participants awaiting announcements from the OPEC+ meeting scheduled for 1 December.

Overall, Brent crude prices remain under pressure due to:
→ reduced tensions in the Middle East, with reports this week confirming a ceasefire agreement between Israel and the Lebanese militant group Hezbollah;
→ news of rising crude oil inventories in the U.S.;
→ forecasts of slower oil demand growth from China in 2025.

On the other hand, the $70-71 range serves as strong support, marked by key lows from 2023-2024.

From a technical analysis perspective, the fluctuations in XBR/USD oil prices are forming a pattern resembling Andrew’s Pitchfork, although it is not an exact match.

Key observations:
→ The central line has shifted from support to resistance, as indicated by the arrows.
→ The lower line is preventing the price from breaking the year's lows.

If the OPEC+ meeting brings no surprises, the period of reduced volatility may persist, with Brent crude prices fluctuating within this range.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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