Brent crude oil prices fell by more than 2.5% from Wednesday’s peak of $74.18, as investors await Thursday’s OPEC+ meeting. The 22-member alliance is expected to announce production cuts due to declining demand. There is a high chance that these cuts will be extended through the first quarter of next year.
If the price continues to slide, it could test Monday’s low of $71.49. A break below this level would bring key support levels at $70.64-$69.91, the lows from October and November, back into focus.
On the other hand, if the price rises above this week’s high of $74.18, it may face resistance in the $74.95-$76.16 range, which includes the lows from August and the highs from late October and November.
Silver Price Sees Fifth Day of Gains, Eyes November High
Silver has gained for five consecutive days and is now approaching its November 19 high of $31.54. The 55-day simple moving average (SMA) at $31.47 could act as resistance once again. If silver breaks through this level, it may target the highs from May and early October, which range between $32.51 and $32.96.
Support is expected to hold at the mid to late November lows, around $29.68-$29.65.
US Wheat Price Bounces from Three-Month Low
The US wheat price tested its three-month low between $544 and $542 in early December, before bouncing back. Tuesday’s high of $557 is now in sight. If wheat surpasses this level, it may retest the November 20 low and the downtrend line from October to December at $562.
However, as long as prices remain below the November 21 low of $576, the medium-term downtrend will remain intact. A failure to hold above $542 could push the price down to the late August low of $521.
Related Topics:
- Today’s Brent Crude Oil Price Chart (December 5)
- Today’s WTI Crude Oil Price Chart (December 5)
- Brent Crude Rises Ahead of OPEC+ Meeting; Silver and Wheat Stabilize