Following the sell off in crude, OPEC decided to delay output hikes, but without a significant recovery in demand or an unexpected supply disruption, crude prices are likely to remain under pressure.
Weekly Recap and Forecast Light Crude Oil Futures Light Crude Oil futures came under significant selling pressure this week, breaching key support levels and intensifying bearish sentiment. After breaking through the $71.02-$73.44 zone, prices dipped below $69.50, marking a critical technical breakdown. This decline leaves the market vulnerable, with $63.21 now appearing as the next significant downside target on the weekly chart.
Delays Production Hike added to market uncertainty by delaying its planned production increase of 180,000 barrels per day bpd, initially scheduled for October. The decision to delay output comes amid concerns over fragile demand conditions, particularly with weakening consumption in major markets like China. While the delay provided brief support to prices, it failed to halt the overall bearish momentum.
faces a difficult balancing act as it assesses market conditions against its production goals. Demand Weakness from China China’s economic troubles continue to be a major headwind for oil prices. Recent data from China’s manufacturing sector, which fell to a six-month low, alongside broader economic struggles in its property and export markets, have further dampened the outlook for oil demand from the world’s largest importer.
production hikes and the inventory draw, while supportive in the short term, is not enough to offset the weak demand from China and the U.S. Weekly Light Crude Oil FuturesTrend Indicator Analysis The main trend is down. It turned down this week when $69.50 failed as support. The trend will change to up on a more through $81.94. As of Thursday’s close, the market is trading lower for the week, putting it in a position to continue its four-week losing streak. The long-term range is $89.44 to $63.
Oil Oil Prices Fundamentals Technical Analysis Oil Supply Libya Oil Demand
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