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Chart of the Day: XTIUSD

Overnight we saw a strong rally, largely as a result of a 4.8mn barrel draw in the DoE Inventory report.

XTIUSD daily chart

The focus now turns to the OPEC meeting in Vienna. At a very simplistic level, OPEC and Russia will either extend the current production cut agreement deep into 2020 (modestly bullish oil), enact deeper cuts (very bullish oil) or do nothing (bearish oil). An interesting set-up on the daily, and a closing break of 58.65 would clearly resonate with the oil bulls for a move through $60 and above.

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