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[QUOTE="SebsCubs, post: 131893, member: 41570"] [HEADING=1][B]What happened?[/B][/HEADING] It seems that Saudi Arabia and United Arab Emirates are still discussing a potential agreement over OPEC+ policy about cooling oil prices by increasing oil supply. [HEADING=1][B]Oil demand forecast.[/B][/HEADING] After OPEC+ reduced oil production by almost 10 million barrels per day in 2020 to control the supply level during the pandemic, the world economy has started to go through a recovery stage. According to OPEC+ forecast, by Q4 2021, global oil demand will average 99.45 million b/d, compared with 99.98 million b/d in 2019. That is why during the last two weeks OPEC+ has been discussing an increase in oil production. In case this decision is approved, the price correction will be inevitable. [HEADING=1][B]Technical analyses.[/B][/HEADING] On the daily chart, Brent is trading above 50, 100, 200-day moving averages. It has formed a rising wedge with a divergence on the RSI oscillator, which is a bearish pattern. As soon as the price will cross the bottom line of the wedge it might go down to the 73$, 69.50$, 57$ support levels. Until the bottom line of the pattern has not been crossed the main goal is 77$. [IMG alt="XBRUSDDaily.png"]https://fbs.com/img/articles/31973/1626334777-eec573bbe402700b61b55796b0e8e6eb_1200x1200_q90v3.png[/IMG] Reference: FBS (15.07.2021) How will the Brent OPEC+ decision influence the price? FBS analytic news [/QUOTE]
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