US oil continues to fall. When will the turnaround come?

Technical Analysis

Oil falls further

US Oil is currently at 58.71. This is despite the fact that Saudi Arabia cut 500K barrels for December and signalled that it looks like OPEC is going to cut production. One aspect that might be in play is the amount of Non-Opec oil production with US shale production increasing to record levels for next year. However, I am expected in the December OPEC meeting to be the catalyst to give some relief to the falling Oil market as they announce production cuts. Price is now moving through and beyond the 100 EMA and 55.00 looks a good long term place for a pause given the support that is there.

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