oil

Saudi Aramco (SE:2222) IPO begins trading on Tadawul Exchange (Saudi Exchange). It replaced Alibaba to top the world IPO record with US$25.6 billion raised. At this level, Aramco would have a market valuation of $1.7 trillion, overtaking Apple Inc as to the most valuable listed firm. The shares...

OIL RISES AS INVESTORS AND TRADERS AWAIT THE OPEC MEETING UPDATES. Today the Energy and oil ministers from the 14-member OPEC will meet at OPEC's headquarters in Vienna. On Thursday WTI crude oil had gained 4.2% of its value after the API report revealed a greater than expected drawdown in...

Oil has found a good support at the 41.24 level and it has formed what it appears to be a descending triangle or pennant on the daily chart. To the upside, the 44.00 could act as resistance, but if oil breaks to the downside, the 40.00 level could act as support.

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