Menu
Brokers
MT4 Forex Brokers
MT5 Forex brokers
PayPal Brokers
Skrill Brokers
Oil Trading Brokers
Gold Trading Brokers
Web Browser Platform
Brokers with CFD Trading
ECN Brokers
Bitcoin FX Brokers
PAMM Forex Brokers
With Cent Accounts
With High Leverage
Cryptocurrency Brokers
Forums
All threads
New threads
New posts
Trending
Search forums
What's new
New threads
New posts
Latest activity
Log in
Register
Search
Search titles only
By:
Search titles only
By:
Menu
Install the app
Install
Reply to thread
Forums
Forex Discussions
Technical Analysis
2023 Market Forecast by SolidECN
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Message
[QUOTE="SOLIDECN, post: 218976, member: 80239"] [HEADING=1][JUSTIFY]Oil[/JUSTIFY][/HEADING] [JUSTIFY]OPEC+ members announced massive voluntary oil output cuts over the weekend, triggering a spike in oil prices at the beginning of new week's trade. A total cut of 1.157 million barrels was announced by 8 OPEC and non-OPEC countries. Those cuts will take effect from May and will remain in force until the year of the year. On top of that, Russia announced that its 500 thousand barrel output cut, which was set to end by the end of June 2023, will be extended until the end of 2023. This is a massive reduction in supply, amounting to more than 1% of global output, and it should not come as a surprise that oil prices jumped over 5% at the beginning of a new week. However, it should be noted that such massive oil output cuts may also hint that OPEC has some serious concerns about demand outlook. Having said that, this may not be bullish for oil prices in the long-term. OPEC+ Joint Minister Monitoring Committee is meeting today and will provide recommendations on policy. It was widely expected that recommendation will be for no change in the output but weekend announcements created uncertainty. [/JUSTIFY] [HEADING=1][JUSTIFY]OPEC: 1,079k bpd[/JUSTIFY][/HEADING] [LIST] [*][JUSTIFY]Saudi Arabia: 500k bpd[/JUSTIFY] [*][JUSTIFY]Iraq: 211k bpd[/JUSTIFY] [*][JUSTIFY]United Arab Emirates: 144k bpd[/JUSTIFY] [*][JUSTIFY]Kuwait: 128k bpd[/JUSTIFY] [*][JUSTIFY]Algeria: 48k bpd[/JUSTIFY] [*][JUSTIFY]Oman: 40k bpd[/JUSTIFY] [*][JUSTIFY]Gabon: 8k bpd[/JUSTIFY] [/LIST] [JUSTIFY][/JUSTIFY] [HEADING=1][JUSTIFY]OPEC+: 578k bpd[/JUSTIFY][/HEADING] [LIST] [*][JUSTIFY]Kazakhstan: 78k bpd[/JUSTIFY] [*][JUSTIFY]Russia: extension of 500k bpd cut until end of the year (was set to end in June)[/JUSTIFY] [/LIST] [JUSTIFY] [img]https://imgtr.ee/images/2023/04/03/Uihr0.png[/img] Brent (OIL) launched this week's trading with a big bullish price gap but those gains started to be erased later on. Nevertheless, oil continues to trade around 5% higher on the day. A point to note, however, is that price did not manage to reach a key resistance zone in the $87 area, marked with previous price reactions and the upper limit of the Overbalance structure. This means that the outlook remains bearish and an attempt to fill the bullish price gap cannot be ruled out. The $80 area is the first support to watch in such a scenario.[/JUSTIFY] [/QUOTE]
Insert quotes…
Verification
Post reply
Top
Bottom
This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
By continuing to use this site, you are consenting to our use of cookies.
Accept
Learn more…