The oil market is concerned about rising oil output to be potentially announced at the next OPEC meeting on 22-23 June in Vienna. The EIA saw a draw of -5.914 million barrels against -1.898 million expected but traders sold crude oil in anticipation of a rising output announcement on June 22. Crude oil is currently trading at around 65.43 after an attempt to break above the 66.00 level. Earlier in the day, the Energy Information Administration crude oil stockpile came at -5.914M versus -1.898M expected by analysts. Although the draw was potentially bullish for oil, investors disregarded the data and dumped the black gold after a failed bull breakout above the 66.00 figure. In fact, the market is focused on the next OPEC/non-OPEC (including Russia) meeting which will take place on 22 and 23 June in Vienna. It has been reported that Saudi Arabia is trying to convince other members to raise oil output. Russia is also favorable to a rise in production while Iran is opposed to the move as it is concerned of a price drop. “The run-up to this OPEC meeting is fraught with uncertainty with Iran from the onset adopting a very entrenched opposition to any supply increase,” said Harry Tchilinguirian, head of oil strategy at BNP Paribas. Crude oi WTI 15-minute chart Oil failed to break above the 66.00 level and bears are now potentially planning to break below the 65.00 figure. Spot rate: 65.43 Relative change: -1.45% High: 66.35 Low: 64.77 Trend: Bearish Resistance 1: 66.00 figure Resistance 2: 66.56 May 31 low Resistance 3: 67.00 figure Support 1: 65.00 figure Support 2: 64.26 Tuesday’s low Support 3: 63.40 current weekly low FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Gold Technical Analysis: Yellow Metal under pressure, treading water near 2018 low FX Street 5 years The oil market is concerned about rising oil output to be potentially announced at the next OPEC meeting on 22-23 June in Vienna. The EIA saw a draw of -5.914 million barrels against -1.898 million expected but traders sold crude oil in anticipation of a rising output announcement on June 22. Crude oil is currently trading at around 65.43 after an attempt to break above the 66.00 level. Earlier in the day, the Energy Information Administration crude oil stockpile came at -5.914M versus -1.898M expected by analysts. Although the draw was potentially bullish for oil, investors disregarded… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.