Crude oil prices fell as OPEC+ energy ministers dithered on reducing production further. The Saudi Arabia representative said any decision will have to wait until December.
Meanwhile, gold prices fluctuated. The yellow metal initially went higher as the European Central Bank announced that it will restart quantitative easing, then reversed as US CPI registered lower than expected.
Today, US retail sales and consumer confidence data are in focus. Outcomes can effect on Fed’s rate cut decision and might cool Fed rate cut speculation. That is likely to weigh on oil prices.
Based on oil technical analysis, Crude oil prices continue to hover above support guiding the upswing from August’s swing bottom. A bounce that clears the September 10 high at 58.76 sets the stage for a test of the 60.04-84 area.