On Monday a meeting was held between U.S. Energy Secretary Rick Perry and Saudi Energy Minister Khalid al-Falih in Washington.

After the meeting it was announced that the Trump administration recommended that the biggest oil-producing countries should keep intensify production, in order to counter renewed sanctions on Iran and a possible deficit in glut supply.

Saudi Arabia and the US are working on a new project, were a plan is in place for a civilian nuclear agreement between the two countries that could allow the kingdom to enrich uranium and reprocess plutonium.

This could be the next step for the relations between the US and the kingdom but also could open the door for further business development, on a mutual advantage perspective.

Moreover, a meeting will be held between Perry and the Russian Energy Minister Alexander Novak.

In this meeting, the same approach could be taken from the US, however various other matters on energy could be followed as President Trump has previously claimed Russia and US could work together for a more sufficient oil market pricing.

The meeting is also expected to include talks on Natural Gas but also an attempt from the Russians to convince the US to drop sanctions imposed.

The US with Russia, and the Saudi kingdom are the most dominant Oil production countries in the world and the market follows all their actions on supply and demand and this fact emphasizes even more their current meetings, as seemingly they are willing to work along with each other.

Today, Russia’s Novak confirmed that OPEC, Russia and other non-OPEC members could sign a new long-term collaboration deal at the beginning of December.

On other news, U.S shale Oil producers closed two oil rigs during the past week, bringing the total count to 860, Baker Hughes confirmed on Friday.

The number of rigs drilling for oil in the United States has cut back since May, reflecting increases in well productivity but also bottlenecks and infrastructure limitations.

According to Reuters and in line with the above point, is that U.S. oil exports to Japan and South Korea will rise to record highs this month.

This statement is based on ship tracking but also due to steep discounts American sellers are offering after losing Chinese customers amid the trade dispute between.

Washington and Beijing. Cheap prices along with bigger quantities is always a good bargain for countries to make Oil purchases, especially as autumn kicks in.

Likewise, US exports rose in India in August to a record 275,000 bpd, accounting for about 6 percent of its overall purchase.

However, US oil prices could be impacted on the upside, as the surge in demand may intensify logistical bottlenecks since the current domestic pipeline, port and storage infrastructure is not prepared to handle exports on this scale.

On other news, Barclays stated European oil firms’ financial evaluations could strongly improve and that the days of dropping returns and negative free cash flow, belong in the past.

From various other sources it was stated that most firms will not take chances in being sanctioned by the US and will look elsewhere for Oil supply.

It must be noted, Iranian crude oil exports are declining ahead of a November deadline for the implementation of U.S. sanctions.

In addition, market participants expect Saudi Arabia to cover for any losses in supply from OPECs side, while China and India considered giant importers have not cut ties with Iran completely yet, and it is unclear if they will continue to do business with Persia or not in the future.

Oil prices were seen strengthening on news of US Oil rigs being reduced on a weekly basis.

However, today the commodity was not able to break the 67.75 level and so the price is assigned as a resistance level.

We see the case for Crude oil to move with bullish tendencies today, as demand concerns rise.

If the bulls take over the Crude Oil market we could see it breaking the $67.75 (R1) resistance level and move even higher towards the $68.75 (R2) resistance area.

This scenario could be most probable if the API weekly figure is released with a draw-down, later today.

Also the RSI indicator on the 4 hour chart is below the reading of 50, indicating the trend may be subject to change.

If any evidence of over-supply is released within the news, we may see a bearish sentiment overtake the commodity.

In this case, Crude Oil could move downwards to the $66.79 (S1) support level and move even lower towards the $65.92 (S2) support barrier.