2 million barrels of oil per day<\/strong> starting November.<\/p>\n\n\n\nThat\u2019s the biggest cut since the pandemic and represents about 2% of global oil supply!<\/p>\n\n\n\n
Apparently, the OPEC+ gang aims to be \u201cproactive\u201d and \u201cpreemptive\u201d by considering a future dip in oil demand.The anticipation before the decision and the bigger-than-expected output cut (markets were pricing in a 500bpd \u2013 1M bpd cut) helped lift Brent crude oil prices from its $84.50 lows.<\/p>\n\n\n\n
Are we looking at an opportunity to jump on UKOIL\u2019s\u00a0downtrend? Or is Brent crude ready for a longer-term\u00a0reversal?<\/p>\n\n\n\n
The Black Crack is now trading closer to $93.50, which is near an area of interest that bulls and bears have been minding since mid-July.<\/p>\n\n\n\n
In addition to that, UKOIL\u2019s current prices are also flirting with the 50% Fibonacci retracement of September\u2019s downswing, the\u00a0200 SMA\u00a0on the 4-hour chart, AND a trend line resistance that hasn\u2019t been broken since mid-June.<\/p>\n\n\n\n
An extension of October\u2019s upswing could bust Brent crude oil above its\u00a0trend line resistance.<\/p>\n\n\n\n
Consistent trading above the $95 \u2013 $97 zone just might push UKOIL back above the $100 mark.<\/p>\n\n\n\n
But that\u2019s if markets don\u2019t go back to dumping \u201crisky\u201d assets!<\/p>\n\n\n\n
Saudi Energy Minister Abdulaziz bin Salman shared that the real supply cut would be actually be about 1 million to 1.1 million bpd since the OPEC+ gang was already falling short of its output targets anyway.<\/p>\n\n\n\n
This week\u2019s\u00a0NFP report<\/strong>\u00a0could turn the spotlight back on the major central banks\u2019 interest rate hikes and their potential drag on global growth.<\/p>\n\n\n\nIf traders go back to worrying about global growth and future oil demand, then UKOIL could resume its months-long downtrend.<\/p>\n\n\n\n
Look out for a rejection near $95, which could drag Brent crude back to its sub-$90 prices.<\/p>\n\n\n\n
This content is strictly for informational purposes \nonly and does not constitute as investment advice. \nTrading any financial market involves risk. Please \nread our\u00a0Risk Disclosure\u00a0to make sure you understand\n the risks involved.<\/code><\/pre>\n","protected":false},"excerpt":{"rendered":"So OPEC and friends are cutting their oil output. Will the decision help bust Brent crude oil from its months-long downtrend? Let\u2019s check out UKOIL\u2019s 4-hour chart: Brent Crude Oil (UKOIL): 4-hour Brent Crude Oil (UKOIL): 4-hour In case you were too busy reading about Gigi Hadid\u2019s latest drama with Ye, you should know that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/10105"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=10105"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/10105\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=10105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=10105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=10105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![<\/a><\/p>\n\n\n\nBrent Crude Oil (UKOIL): 4-hour<\/p>\n\n\n\nIn case you were too busy reading about Gigi Hadid\u2019s latest drama with Ye, you should know that crude oil prices are trading higher after a major decision by the Organization of the Petroleum Exporting Countries (OPEC).<\/p>\n\n\n\nSee, OPEC and its oil-producing allies *cough* Russia *cough* just decided to cut their oil production by as many as 2 million barrels of oil per day<\/strong> starting November.<\/p>\n\n\n\nThat\u2019s the biggest cut since the pandemic and represents about 2% of global oil supply!<\/p>\n\n\n\nApparently, the OPEC+ gang aims to be \u201cproactive\u201d and \u201cpreemptive\u201d by considering a future dip in oil demand.The anticipation before the decision and the bigger-than-expected output cut (markets were pricing in a 500bpd \u2013 1M bpd cut) helped lift Brent crude oil prices from its $84.50 lows.<\/p>\n\n\n\nAre we looking at an opportunity to jump on UKOIL\u2019s\u00a0downtrend? Or is Brent crude ready for a longer-term\u00a0reversal?<\/p>\n\n\n\nThe Black Crack is now trading closer to $93.50, which is near an area of interest that bulls and bears have been minding since mid-July.<\/p>\n\n\n\nIn addition to that, UKOIL\u2019s current prices are also flirting with the 50% Fibonacci retracement of September\u2019s downswing, the\u00a0200 SMA\u00a0on the 4-hour chart, AND a trend line resistance that hasn\u2019t been broken since mid-June.<\/p>\n\n\n\nAn extension of October\u2019s upswing could bust Brent crude oil above its\u00a0trend line resistance.<\/p>\n\n\n\nConsistent trading above the $95 \u2013 $97 zone just might push UKOIL back above the $100 mark.<\/p>\n\n\n\nBut that\u2019s if markets don\u2019t go back to dumping \u201crisky\u201d assets!<\/p>\n\n\n\nSaudi Energy Minister Abdulaziz bin Salman shared that the real supply cut would be actually be about 1 million to 1.1 million bpd since the OPEC+ gang was already falling short of its output targets anyway.<\/p>\n\n\n\nThis week\u2019s\u00a0NFP report<\/strong>\u00a0could turn the spotlight back on the major central banks\u2019 interest rate hikes and their potential drag on global growth.<\/p>\n\n\n\nIf traders go back to worrying about global growth and future oil demand, then UKOIL could resume its months-long downtrend.<\/p>\n\n\n\nLook out for a rejection near $95, which could drag Brent crude back to its sub-$90 prices.<\/p>\n\n\n\nThis content is strictly for informational purposes \nonly and does not constitute as investment advice. \nTrading any financial market involves risk. Please \nread our\u00a0Risk Disclosure\u00a0to make sure you understand\n the risks involved.<\/code><\/pre>\n","protected":false},"excerpt":{"rendered":"So OPEC and friends are cutting their oil output. Will the decision help bust Brent crude oil from its months-long downtrend? Let\u2019s check out UKOIL\u2019s 4-hour chart: Brent Crude Oil (UKOIL): 4-hour Brent Crude Oil (UKOIL): 4-hour In case you were too busy reading about Gigi Hadid\u2019s latest drama with Ye, you should know that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"_links":{"self":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/10105"}],"collection":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/comments?post=10105"}],"version-history":[{"count":0,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/posts\/10105\/revisions"}],"wp:attachment":[{"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/media?parent=10105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/categories?post=10105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudassirbackup.infinitycodestudio.com\/index.php\/wp-json\/wp\/v2\/tags?post=10105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/bpcdn.co\/images\/2022\/10\/06013634\/UKOIL.png\"){kind=link}