Will an upcoming supply delay from OPEC+ boost the oil price?
Macro theme:
- The US sanctions on 35 entities tied to a top-exporter Middle East country supported oil prices.
- OPEC+ reportedly considers a three-month delay in output hikes, easing fears of oversupply ahead of Thu's decision.
- Meanwhile, according to API data, US crude inventories rose by 1.232 mln barrels last week, following a 5.935 mln-barrel drop the week prior.
Technical theme:
- USOIL is between both EMAs, indicating a consolidating structure. The price is trading within the range of 66.80-71.80, awaiting an apparent breakout.
- If USOIL breaks above 71.80, it may prompt a continuation to retest the subsequent resistance at 77.00.
- On the contrary, closing below 66.80 may prompt a test of the previous swing low at 65.00.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
- The US sanctions on 35 entities tied to a top-exporter Middle East country supported oil prices.
- OPEC+ reportedly considers a three-month delay in output hikes, easing fears of oversupply ahead of Thu's decision.
- Meanwhile, according to API data, US crude inventories rose by 1.232 mln barrels last week, following a 5.935 mln-barrel drop the week prior.
Technical theme:
- USOIL is between both EMAs, indicating a consolidating structure. The price is trading within the range of 66.80-71.80, awaiting an apparent breakout.
- If USOIL breaks above 71.80, it may prompt a continuation to retest the subsequent resistance at 77.00.
- On the contrary, closing below 66.80 may prompt a test of the previous swing low at 65.00.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
I’ve taken a break from my public community engagements to focus on raising my three kids, but I'm rediscovering my passion for working again. Stay connected, as I plan to return and rejoin my old communities with a lot of new skills one day soon.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.