OPEC Loosens Production, Oil Prices Vulnerable to Correction
World oil prices experienced mild pressure in today's trading after previously hitting a seven-week high. Investors and market players are now monitoring a number of fundamental factors that could potentially influence price movements, from rising global production to slowing demand in several key regions.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) have begun easing production restrictions that have been in place to maintain price stability. Kuwait, for example, announced that its production capacity has increased to 3.2 million barrels per day and is ready to increase supply starting in October.
Brent oil price at the time of writing was $68.77
- Buy if the price moves within the $68.83 range
- Sell if the price moves within the $68.73 range
Resistance 2: $69.23
Resistance 1: $69.09
Support 1: $68.63
Support 2: $68.48
Disclaimer:
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