<p>The price of crude oil futures settled at $79.98. That is down -$1.24 or -1.53%. </p><ul><li>The OPEC+ meeting will take place virtually on Sunday. No change in production is expected.</li><li>The price cap looks to be set at $60 for Russian oil</li><li>The Russian sanctions will also go into effect cutting off all imports of Russian imports. Those will stop on Monday. </li></ul><p>So there are a lot of balls in the air that could have impact on supply. On the demand side, China and its Covid policy remains a wild card for global demand. </p><p>For the week, the price is up 4.79% from last Friday’s closing level. </p><p>Technically, looking at the hourly chart, the price low today tested the rising 100 hour MA at $79.85. The price dipped below that level but has rebounded back above. </p><p>Next week, a move below the 100 hour MA would have traders targeting the 200 hour MA at $79.05. On the topside, the close levels in play would be the 38.2% of the move down from the November high at $81.28 followed by the 50% midpoint at $83.66. </p>

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

<p>Bloomberg <a target=“_blank“ href=“https://www.bloomberg.com/news/articles/2022-12-02/bridgewater-erases-most-of-its-2022-gains-after-two-month-rout?leadSource=uverify%20wall“ target=“_blank“ rel=“nofollow“>reports </a>that the hedge fund founded by Ray Dalio — Bridgewater Associates — has mostly ruined what was shaping up to be the hedge fund best year in more than a decade.</p><p>The flagship Pure Alpha fund fell 13% in Oct-Nov to cut the year-to-date gains to 6%. The Pure Alpha II fund fell 20% in those two months to cut the YTD gain to 7.8%. </p><p>This year those are still very good gains compared to most hedge funds but that’s a big hit, especially with Kanye West posting this in his twitter flameout.</p>

This article was written by Adam Button at forexlive.com.