Commodities | Oil | Can Buyers Break the Supply Area?
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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