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Oil on route for solid weekly gain

Oil is heading for a weekly gain of over 3.5% thanks to a weaker dollar and China softening virus controls.

The global commodity could be injected with fresh volatility thanks to OPEC+ virtual meeting over the weekend and the European Union last minute drive to secure a deal regarding a price cap on Russian crude. Should this deal go through, it could have uncertain effects on the price of oil as concerns over lost supply through the price cap clash with lingering fears over gloomy demand outlook. Whatever the outcome on Sunday with OPEC+ and Monday 5th December, it will most likely set the tone for oil as 2022 slowly comes to an end.

Looking at the technical picture, Brent remains under pressure on the daily charts with prices respecting a bearish channel. Should prices push back below $87 this could encourage a decline back towards $82.50 and $80.00. Alternatively, a strong breakout above $90.00 may open the doors towards $95.00 – a level above the 100-day SMA.



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