Crude Oil dips below $68.00 on Friday as selling pressure persists once OPEC+ has officially confirmed it will only delay its output normalization schedule by three months.
Oil prices are on the back foot on Friday for a third consecutive day, flirting with a possible break lower.
assumes too much The recent unable to firmly address the issue of oversupply coming from non- seems to be forgetting that one will outweigh the other, and that the current sluggish economic global growth isn’t likely to absorb the persistent oversupply. The 55-day Simple Moving Average at $70.11 triggered a firm rejection on Wednesday which is still playing out. Should tensions in the Middle East flare up, $71.46 with the 100-day SMA at $71.54 will act as thick resistance. In case Oil traders can plough through that level, $75.27 is up next as a pivotal level.
is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When
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