Oil Prices Down Despite OPEC Keeping Production Cuts
The trading day for crude futures concluded with the Oil price at $79, reflecting a decrease of -1% or -$0.2 for the day from the top.
The trading day for crude futures concluded with the Oil price at $79, reflecting a decrease of -1% or -$0.2 for the day from the top. Analyzing the daily chart, the price might find support at the 100-day moving average tomorrow, which stands at $78.20.
Yesterday, oil prices experienced their largest surge in two months due to speculation that OPEC+ might maintain their voluntary production cut. Delegates from OPEC+ have indicated, according to a Reuters report, that the rising global stockpiles could justify further reductions in output.
Crude Oil Chart Daily – The 200 SMA Has Turned Into Resistance
Preliminary data shows that OECD inventories rose by 20 million barrels over the past month and 34 million barrels over the past year, raising concerns among some delegates. As OPEC+ prepares to meet over the weekend, the focus will likely be on supply and demand forecasts, particularly with the upcoming driving season expected to heighten demand. Despite US producers showing some restraint, OPEC+ has the capability to tighten the market by reducing inventories and adjusting production to balance the market effectively.
US WTI Crude Oil Live Chart
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