Sechin, as Russia's deputy prime minister, attended OPEC meetings in and when prices collapsed during the financial crisis, but Russia ultimately declined to participate in production cuts to shore up the market. Russia is pursuing a policy of closer ties with other producers, analysts said, though few expect Moscow to push to join OPEC or participate in output cuts.
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Rosneft said the oil conference was initially scheduled to take place in Venezuela on Nov. OPEC-member Venezuela is one of the most vocal advocates of cutting output to support prices. Earlier on Monday Rosneft said that Sechin met Rafael Ramirez, Venezuela's vice president and foreign minister, in Moscow, and agreed on a commercial oil supply deal. OPEC veteran Ramirez, who was Venezuela's energy minister until two months ago, has been on a diplomatic tour that includes Algeria, Iran, Qatar and Russia to strengthen bilateral relations and discuss oil markets ahead of the OPEC meeting.
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Analysts are split over whether OPEC will take action to support the price when it meets next week, as the group struggles to address the rapid rise of shale oil output in the United States. Several Russian oil executives and government officials have indicated they believe the drop in prices has been coordinated by Washington and Saudi Arabia, the largest OPEC member.
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VOA Newscasts Listen live. Most expect the RBNZ to stay on hold, but some of us expect that they could open the door to future cuts in the coming meeting s.
We have also seen some USD strength due to some recent stronger economic data. Over the last 24 hours I have established longs near current levels in anticipation of this.
The last paragraph was important to understand, in my opinion:. A breakout by the end of the week above 1.
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Keep an eye on crude oil in the coming hours especially in Europe and North American trade. The hourly RSI seen below stopped falling and we are in a massive descending wedge. Descending and ascending typically are reversal patterns, so this chart suggests in the coming hours we should get a recovery in price higher. This is major resistance here as we approach the 1. Take a look at the chart below:.
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In the past, I had looked at the pair as having strong bear flag formation, but a move above the 1. Conventional wisdom would tell you after the ECB meeting Mario Draghi hinting at more action in March and the FOMC a little less dovish than the market expected this week, the pair would move lower from here. Dovish comments about inflation look to be the culprit keeping the NZD under pressure.
A strong downtrend line has been taken out as a result:.
Longer term I am looking at the possibility of an inverted head and shoulder development on the weekly and monthly charts:.