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The global oil prices have taken a sharp turn after the reports of deeper production cuts from the OPEC+ countries. Consequently, Brent crude oil price extended its gains today after a 4.02% gain on Friday. At press time, the British benchmark of crude oil was up 2%. This move also marks a downside retest of the 200 MA which is also evident from the following chart.  If Brent crude oil price breaks above this key moving average, the recovery rally may catch fire. This week’s OPEC+ meeting which is scheduled for Sunday, 26 November, may act as a catalyst in this regard. However, it is also very likely that the markets overreact and the black gold will become overvalued...