What will OPEC deliver? | 30/11/17

[IronFX The Global Leader in Online Trading]( 30th November 2017 [start trading]( [open demo account]( All trading involves risk. It is possible to lose all your capital. Main Points of Today What will OPEC deliver? - Today, OPEC and non-OPEC producers will meet in Vienna. - It is widely expected OPEC will extend the current oil production cuts by 9 months, to December 2018. - For WTI to rally from current levels, producers may need to deliver something more than the market expects, like an extension of 12 months. - In case producers simply deliver the 9-month extension that the market already anticipates, we could even see a sell-the-fact reaction in oil prices. - Anything less than 9 months could cause WTI prices to plunge. US Senate begins to debate taxes - The US Senate voted yesterday to begin debating the tax reform bill. - Under normal procedure, there are 20 hours to debate the legislation. After the debate, Senators will begin a series of votes on amendments. - Finally, the bill will move to a final vote, most likely on Friday. If it passes, USD & US stocks may gain. - In other news, Fed’s Yellen didn’t say much in her testimony. Low inflation remains a mystery. As for the rest of today’s highlights: - Eurozone: Preliminary CPI rate for November (10:00 GMT) is expected to rise, something supported by the stronger-than-expected German print. A similar reaction in the bloc’s overall print could raise speculation for the ECB to end its QE sooner rather than later and thereby, support EUR. - US: Personal income & spending for October (13:30 GMT) are expected to slow. USD-negative. - Speakers: Fed Board Governor Jerome Powell. [Download full report]( The Market WTI [Image title] - Support: 56.90 (S1), 56.20 (S2), 55.30 (S3) - Resistance: 57.60 (R1), 58.90 (R2), 60.00 (R3) EUR/USD [Image title] - Support: 1.1830 (S1), 1.1770 (S2), 1.1710 (S3) - Resistance: 1.1900 (R1), 1.1960 (R2), 1.2000 (R3) [View all Market insights]( Economic Calendar [Image title] Prepared by: Marios Hadjikyriacos and Peter Iosif [Facebook]( [Linkedin]( [Instagram]( [Twitter]( [Google+]( [YouTube]( - Tel: +44 (0) 20 3282 7777 - Email: support@ironfx.com High Risk Trading Warning: Our services include products that are traded on margin and carry a risk of losing all your initial deposit. Before deciding on trading on margin products you should consider your investment objectives, risk tolerance and your level of experience on these products. Trading with high leverage level can either be against you or for you. Margin products may not be suitable for everyone and you should ensure that you understand the risks involved. You should be aware of all the risks associated in regards to products that are traded on margin and seek independent financial advice, if necessary. Please read IronFX’s Risk Disclosure statement. Licences and Authorisations IronFX Global Limited is authorized and regulated by CySEC (Licence no. 125/10) Group Licences and Authorisations 8Safe UK Limited is authorized and regulated by the Financial Conduct Authority (FCA no. 585561) GVS (AU) Pty Limited is authorized and regulated by ASIC (AFSL no. 417482) IronFX does not offer its services to residents of certain jurisdictions such as USA, Iran, Cuba, Sudan, Syria and North Korea. [Unsubscribe](