Global macro overview for 02/06/2016:
The OPEC members meet in Vienna today, where they will try to solve the current growing tension between Saudi Arabia and Iran in constructive and polite manner. As we know, in the recent months, Iran has been stubbornly refusing to cut the output levels, preventing members from reaching an agreement to lower or freeze production in order to boost low oil prices. Moreover, Iran reiterated its policy on Wednesday, saying it would not sign off on any commitment regarding output levels. That is why the OPEC members are now free to set any output limits alone or not to do it at all as every member is responsible only for its own market. In conclusion, a very interesting meeting ahead of the global investors and Crude Oil Inventories data later at 03:00pm GMT might even provide more volatility if the meeting conclusion will not be approved by the market.
Let's now take a look at the Crude Oil technical picture in the 4H time frame. This is a clear bull market with consecutive higher highs and higher lows being done since the 26.06 bottom. The market still traders above the golden trend line and above the 21,50 and 100 moving average, so there is no need to jump before the bull train yet.