Oil Prices Rise Slightly, Market Awaits OPEC+ Decision
Brent crude oil prices rose to around $66.43 per barrel in Wednesday afternoon trading during the European session (October 1). This increase occurred after two consecutive days of declines, as market participants began anticipating the OPEC+ decision at this weekend's meeting. There is speculation that OPEC+ will discuss the possibility of accelerating supply increases, although no official decision has been announced.
Meanwhile, market sentiment is still clouded by the potential for a US government shutdown, which could slow economic activity and suppress energy demand. However, a sharp decline in US crude oil inventories of 3.7 million barrels last week provided some support for prices. The market is now waiting for the direction of OPEC+ policy and the next global economic data to determine the next oil trend.(ads)
The Brent oil price at the time of writing was $66.43
- Buy if the price moves within the $66.53 range
- Sell if the price moves within the $66.43 range
Resistance 2: $66.68
Resistance 1: $66.58
Support 1: $66.33
Support 2: $66.23
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
