OPEC+ Plans Pressure Oil Prices
World oil prices weakened again on Thursday (September 4th), fueled by growing market concerns about a potential global oversupply. Pressure stemmed from OPEC+'s plans to discuss options for increasing production, as well as reports of an unexpected increase in US crude oil inventories.
According to Reuters, OPEC+ is scheduled to meet next Sunday to review its production policy. Internal sources said there is a possibility that the world's largest oil producer group will begin partially lifting its 1.65 million barrels per day production cuts ahead of schedule. This move is considered to increase supply pressure on the global market.
Oil prices at the time of this writing were at $67.26
- Buy if the price moves below $67.31
- Sell if the price moves below $67.21
Resistance 2: $67.47
Resistance 1: $67.36
Support 1: $67.13
Support 2: $67.05
DISCLAIMER
Note: This article is analytical in nature and is not a definitive reference. Consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id