During the Asian session on Friday (November 24), WTI crude oil fluctuated in a narrow range and is currently trading around 76.6 dollars per barrel. Yesterday, oil prices fluctuated and moved downward generally, mainly due to the US holiday and the postponement of the OPEC+ meeting until next week. The market lacked effective information guidance, maintaining a volatile trend, and the trading was relatively thin. However, it should be noted that the trend in oil prices has already been driven by expectations of production cuts. If the production cut fails to reach, or the production cut is not met, oil prices may continue to decline. Then, it will test the support near the previous low of 72.5, and even lower support at the 70 integer mark. At present, this meeting can be said to be very critical. It can determine the general trend of next year's production, and can also show the degree of unity within OPEC+ that is doubted by the outside world. From the current point of view, although African oil producers are divided, they have also stated that they do not plan to withdraw from OPEC+. It depends on how Saudi Arabia coordinates the distribution of internal profits. But what is certain is that Saudi Arabia will not cut oil production on its own next year to maintain oil prices. Production increases in Iran, Venezuela, and other countries will bring great resistance to OPEC+ to achieve production cuts, which is also destined to require a lot of work to be done in order to achieve the desired outcome of this meeting. As time goes on, it will become more difficult to reduce production. If demand cannot keep up next year, then oil prices will become more resilient.

Data: According to OPEC's statement, the OPEC+ meeting on November 30 was changed to an online one.

Today's attention: Investors should continue to focus on the news and results of next Thursday's OPEC+ meeting.

Yesterday, oil prices basically fluctuated in the $1 range, closing with a small bear candle. Oil prices fell as expected yesterday, but the intensity was not enough, which was mainly due to the wait-and-see mood in the holiday atmosphere. At present, as the mid-price moves downward, the prices in the 1-hour and 4-hour charts both fluctuate around the 60MA. Both of the bulls and bears are more cautious. In the 1-hour candlestick chart, there is a bearish breakout reversal signal, which may signal an hourly decline. However, the 4-hour MACD is about to show a golden cross, and the golden cross in the daily MACD is widening. Therefore, the big cycle will still see a rebound. Perhaps after the one-hour decline, oil prices will have a chance to rebound. Investors could mainly focus on rebound opportunities after 4 p.m. For now, the initial support around 75.3 should be watched during the day. If the price falls back into this area, aggressive traders can try to take a small position to go long.

Trading Direction: Long

Entry Price: 75.300

Target Price: 77.500

Stop Loss: 74.800

Support: 73.500/72.500

Resistance: 77.500/78.500