OPEC+ Meeting, Where Will Oil Prices Head?
World oil prices are approaching their longest monthly decline since 2023. Brent is stable above $63 per barrel and WTI is around $59, with both expected to post a fourth consecutive month of declines in November. Pressure is coming from expectations of a global oversupply after OPEC+ reopened production capacity, coupled with increased production from countries outside the alliance. JPMorgan estimates the market could experience a surplus of around 2.8 million barrels per day next year.
Market focus is now on Sunday's OPEC+ meeting, which is likely to maintain its plan to temporarily halt production increases starting in early 2026, as well as developments in the US-led Ukraine peace efforts. Russian President Vladimir Putin has said that US President Donald Trump's proposal could form the basis of a peace agreement, and US envoy Steve Witkoff is scheduled to visit Moscow next week. If the conflict subsides and sanctions on Russia are eased, oil supplies to major buyers like China, India, and Turkey could potentially increase again, further depressing prices.
The oil price at the time of this analysis is $63.05
- Buy if the price moves within the $63.15 range
- Sell if the price moves within the $62.95 range
Resistance 2: $63.35
Resistance 1: $63.25
Support 1: $62.85
Support 2: $62.75
Disclaimer
This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
