Will an upcoming supply delay from OPEC+ boost the oil price?
Macro theme:
- The US sanctions on 35 entities tied to a top-exporter Middle East country supported oil prices.
- OPEC+ reportedly considers a three-month delay in output hikes, easing fears of oversupply ahead of Thu's decision.
- Meanwhile, according to API data, US crude inventories rose by 1.232 mln barrels last week, following a 5.935 mln-barrel drop the week prior.
Technical theme:
- USOIL is between both EMAs, indicating a consolidating structure. The price is trading within the range of 66.80-71.80, awaiting an apparent breakout.
- If USOIL breaks above 71.80, it may prompt a continuation to retest the subsequent resistance at 77.00.
- On the contrary, closing below 66.80 may prompt a test of the previous swing low at 65.00.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
- The US sanctions on 35 entities tied to a top-exporter Middle East country supported oil prices.
- OPEC+ reportedly considers a three-month delay in output hikes, easing fears of oversupply ahead of Thu's decision.
- Meanwhile, according to API data, US crude inventories rose by 1.232 mln barrels last week, following a 5.935 mln-barrel drop the week prior.
Technical theme:
- USOIL is between both EMAs, indicating a consolidating structure. The price is trading within the range of 66.80-71.80, awaiting an apparent breakout.
- If USOIL breaks above 71.80, it may prompt a continuation to retest the subsequent resistance at 77.00.
- On the contrary, closing below 66.80 may prompt a test of the previous swing low at 65.00.
Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness
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