Oil: Stuck around $40 with nowhere to go

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Later today, OPEC+ is set for a meeting to evaluate the state of the global market. And the outlook isn’t particularly inspiring for Oil bulls.

Since bouncing out from under the $20/bbl in April, Brent Oil’s recovery has plateaued, even as it keeps its head above the psychologically-important $40/bbl line. Still, the MACD clearly points to waning momentum, with Oil prices having stuck to a sideways range since September. The FXTM Trader’s Sentiments also appears rather evenly split, with 52 percent net long on this asset.

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