{"id":293496,"date":"2021-01-12T14:04:35","date_gmt":"2021-01-12T03:04:35","guid":{"rendered":"https:\/\/www.gomarketingteam.com\/articles\/crude-oil-saudi-production-cuts-spark-rally\/"},"modified":"2021-02-19T12:12:59","modified_gmt":"2021-02-19T01:12:59","slug":"crude-oil-saudi-production-cuts-spark-rally","status":"publish","type":"post","link":"https:\/\/www.gomarkets.com\/en\/daily-news\/crude-oil-saudi-production-cuts-spark-rally\/","title":{"rendered":"Crude Oil &#8211; Saudi Production Cuts Spark Rally"},"content":{"rendered":"<h5 style=\"text-align: center;\"><strong>USOIL- Hourly<\/strong><\/h5>\n<h5 style=\"text-align: center;\"><a href=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2021\/01\/USoil1.png\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-270019\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2021\/01\/USoil1.png\" alt=\"\" width=\"989\" height=\"530\" \/><\/a><\/h5>\n<p><a href=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/09\/USDCAD1.png\"><img loading=\"lazy\" class=\"aligncenter size-large wp-image-258860\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2020\/09\/USDCAD1-1024x548.png\" alt=\"\" width=\"1024\" height=\"548\" srcset=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/USDCAD1-1024x548.png 1024w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/USDCAD1-300x161.png 300w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/USDCAD1-768x411.png 768w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/USDCAD1-600x321.png 600w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/USDCAD1-1536x822.png 1536w, https:\/\/www.gomarkets.com\/wp-content\/uploads\/2020\/09\/USDCAD1.png 1555w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/p>\n<h5 style=\"text-align: center;\"><img loading=\"lazy\" class=\"aligncenter wp-image-93277 size-large\" src=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2019\/04\/GBPJPY-1-1024x525.png\" alt=\"\" width=\"1024\" height=\"525\" \/><\/h5>\n<h5><strong>USOIL-<\/strong><\/h5>\n<p>It&#8217;s been an impressive start to the year for Crude Oil prices so far, with prices steadily rising to over $50 per barrel and returning to pre-pandemic levels. It would seem many underestimated such a speedy recovery.<\/p>\n<p>Still, with the general uptick in global commodity prices and a pledge from Saudi Arabia to cut production heavily over the next year, Crude Oil has benefited significantly, and today we&#8217;re looking more at short-term levels using the hourly chart above.<\/p>\n<p>First, we have a validated bullish trendline that emerged on January 5th and continues to provide adequate price support for Crude Oil. This trend&#8217;s strength appears fairly robust following a barrage of tests over the most recent trading sessions.<\/p>\n<p>In terms of potential targets, the chart shows some DiNapoli levels T1 &amp; T2 calculated from the following price points (49.46 \/ 51.26 \/ 50.42) and (50.42 \/ 52.72 \/ 51.49). Since the first price target reached on the 8th, the focus now will be T2, which is $53.79 a barrel.<\/p>\n<p>Perhaps we may see a further re-test of the current trendline as support before advancing to the higher levels. However, should this region succumb to downward selling pressure, the areas of $51.49 and $49.80 could become alternative levels to consider for levels of demand\/support.<\/p>\n<p>Note: Click on charts to enlarge.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>By Adam Taylor CTEe<\/strong><\/p>\n<p><img src=\"https:\/\/wwwgomarketscomau-zu9wrxdiii.stackpathdns.com\/wp-content\/uploads\/2018\/08\/twitter.png\" \/>.<a href=\"https:\/\/twitter.com\/adamt_trading\">@<\/a><a href=\"https:\/\/twitter.com\/adamt_trading\">adamt_trading<\/a><\/p>\n<p>Sources: Go Markets, Meta Trader 5, TradingView, Bloomberg<\/p>\n<p>Disclaimer: The articles are from GO Markets analysts, \u00a0based on their independent analysis or personal experiences. Views or opinions or trading styles expressed are of their own; \u00a0should not be taken as either representative of or shared by GO Markets.\u00a0 Advice (if any), \u00a0are of a \u2018general\u2019 nature and not based on your personal objectives, financial situation or needs.\u00a0 You should therefore consider how appropriate the advice (if any) is to your objectives, financial situation and needs, before acting on the advice.\u00a0 If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.<\/p>\n<p><a href=\"https:\/\/www.gomarkets.com\/forex-education-courses\/\" target=\"_blank\" rel=\"noopener noreferrer\"><img src=\"https:\/\/www.gomarkets.com\/wp-content\/uploads\/2019\/02\/Next-Steps-Blog-Bottom-Banner.jpg\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>USOIL- Hourly USOIL- It&#8217;s been an impressive start to the year for Crude Oil prices so far, with prices steadily rising to over $50 per barrel and returning to pre-pandemic levels. It would seem many underestimated such a speedy recovery. Still, with the general uptick in global commodity prices and a pledge from Saudi Arabia [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2817,129,2875],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v16.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crude Oil - Saudi Production Cuts Spark Rally - GO Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gomarkets.com\/en\/daily-news\/crude-oil-saudi-production-cuts-spark-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude Oil - Saudi Production Cuts Spark Rally - GO Markets\" \/>\n<meta property=\"og:description\" content=\"USOIL- Hourly USOIL- It&#8217;s been an impressive start to the year for Crude Oil prices so far, with prices steadily rising to over $50 per barrel and returning to pre-pandemic levels. It would seem many underestimated such a speedy recovery. Still, with the general uptick in global commodity prices and a pledge from Saudi Arabia [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.gomarkets.com\/en\/daily-news\/crude-oil-saudi-production-cuts-spark-rally\/\" \/>\n<meta property=\"og:site_name\" content=\"GO Markets\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-12T03:04:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-02-19T01:12:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2021\/01\/USoil1.png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adam Taylor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.gomarkets.com\/#website\",\"url\":\"https:\/\/www.gomarkets.com\/\",\"name\":\"GO Markets\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.gomarkets.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.gomarkets.com\/en\/daily-news\/crude-oil-saudi-production-cuts-spark-rally\/#primaryimage\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2021\/01\/USoil1.png\",\"contentUrl\":\"https:\/\/www.gomarkets.com\/au\/wp-content\/uploads\/2021\/01\/USoil1.png\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.gomarkets.com\/en\/daily-news\/crude-oil-saudi-production-cuts-spark-rally\/#webpage\",\"url\":\"https:\/\/www.gomarkets.com\/en\/daily-news\/crude-oil-saudi-production-cuts-spark-rally\/\",\"name\":\"Crude Oil - Saudi Production Cuts Spark Rally - GO Markets\",\"isPartOf\":{\"@id\":\"https:\/\/www.gomarkets.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.gomarkets.com\/en\/daily-news\/crude-oil-saudi-production-cuts-spark-rally\/#primaryimage\"},\"datePublished\":\"2021-01-12T03:04:35+00:00\",\"dateModified\":\"2021-02-19T01:12:59+00:00\",\"author\":{\"@id\":\"https:\/\/www.gomarkets.com\/#\/schema\/person\/446d9a494ba013c192a3669cbda1bd76\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.gomarkets.com\/en\/daily-news\/crude-oil-saudi-production-cuts-spark-rally\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.gomarkets.com\/en\/daily-news\/crude-oil-saudi-production-cuts-spark-rally\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.gomarkets.com\/en\/daily-news\/crude-oil-saudi-production-cuts-spark-rally\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.gomarkets.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crude Oil &#8211; Saudi Production Cuts Spark Rally\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.gomarkets.com\/#\/schema\/person\/446d9a494ba013c192a3669cbda1bd76\",\"name\":\"Adam Taylor\",\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/www.gomarkets.com\/#personlogo\",\"inLanguage\":\"en-US\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3f8a2662eef9486f94f09330025ec14f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3f8a2662eef9486f94f09330025ec14f?s=96&d=mm&r=g\",\"caption\":\"Adam Taylor\"},\"url\":\"https:\/\/www.gomarkets.com\/en\/author\/adamt\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Crude Oil - Saudi Production Cuts Spark Rally - GO Markets","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.gomarkets.com\/en\/daily-news\/crude-oil-saudi-production-cuts-spark-rally\/","og_locale":"en_US","og_type":"article","og_title":"Crude Oil - Saudi Production Cuts Spark Rally - GO Markets","og_description":"USOIL- Hourly USOIL- It&#8217;s been an impressive start to the year for Crude Oil prices so far, with prices steadily rising to over $50 per barrel and returning to pre-pandemic levels. It would seem many underestimated such a speedy recovery. 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