Kuwait oil minister: OPEC ready to offset any shortage in the market by rolling back cuts

Kuwaiti oil minister is on the wires saying that OPEC is ready to offset any shortage of the market by rolling back the output cuts. The price of crude oil has moved lower on the news and currently trades up around $2.85 at $61.35. The high price today was at $62.12. The low price was at $59.64.

Looking at the daily chart, the price rises today took the price above a swing area between $59.78 and $60.10 and onto the next swing area between $61.45 and $61.94. The price I did extend briefly above the high of that swing area but is now trading lower and testing the low of the swing area at $61.45. Move back below that level could see more selling momentum.

This article was written by Greg Michalowski at investinglive.com.