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76.09% of retail investor accounts lose money when trading CFDs with this provider.

Commodities | Oil | Can Buyers Break the Supply Area?

Published: 04.08.2023
by Joseph Jeffriess

Today’s focus: Oil

Pattern – Supply area

Support – 79.60

Resistance – 81.75, 83.30

  • Oil gained close to 2.50% on Thursday.
  • Saudi Arabia announced production cuts to continue into September.
  • Russia announced 300,000 BPD production cuts.

Today, we take a look at oil after buyers raced back into the market after production cut a new hit. Saudi Arabia announced their surprise production cuts will continue into September, and Russia said 300,000 barrels will come out of production.

This definitely had a significant impact on the short-term price, but will it change the longer-term picture? We look at the hurdle facing buyers in today’s video and break down the things we are watching.

Oil Analysis Video

Have a great day and good trading.

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