Significant resistance as per Fib retracements at levels- 93- fib .382 followed by 101- fib .5
Given the uncertainties surrounding supply and its goal of further reducing global stocks, Saudi Arabia is likely to extend its voluntary 1 million barrel per day oil production cut for a third consecutive month into October.- according to analysts of Reuters.
Buoyed by these expectations of tightening supplies and since the US Oil reserve halved to 350.34 million, and the upcoming elections timeline, US Oil may remain highly volatile post-2024 Q1, but the uptrend may continue till that time period.
Given the uncertainties surrounding supply and its goal of further reducing global stocks, Saudi Arabia is likely to extend its voluntary 1 million barrel per day oil production cut for a third consecutive month into October.- according to analysts of Reuters.
Buoyed by these expectations of tightening supplies and since the US Oil reserve halved to 350.34 million, and the upcoming elections timeline, US Oil may remain highly volatile post-2024 Q1, but the uptrend may continue till that time period.