OPEC Lifts Oil

3 Eki 2022

Oil has dipped into the $70's again, but has regained the $80's following reports that OPEC will cut production. We blasted through lower levels in the $80's, and are currently retesting $83.21, with a red triangle on the KRI confirming resistance. If momentum continues, we have several more levels to cross before our target of $85.55. Depending on how much OPEC cuts, this could drive prices back to the $100's again in the longer term. Expect support at the base of the $80 handle if we reject current levels.