🛢️ US OIL Price Outlook – Bearish Pressure Amid Rising Supply
US Oil prices edged lower on Monday, despite strong seasonal demand, as the market braces for a notable increase in supply. OPEC is scheduled to raise production by 411,000 barrels per day starting Tuesday, marking the fourth consecutive monthly output hike. Reports also suggest that a similar increase is under consideration for August, which could add further downside pressure on prices.
Technical Outlook:
Oil remains in a bearish zone and is likely to extend its downtrend as long as prices stay below key support levels.
Support Levels: $62.00 / $58.00
If you like this idea if you have on Opinion about this analysis share in comments.
US Oil prices edged lower on Monday, despite strong seasonal demand, as the market braces for a notable increase in supply. OPEC is scheduled to raise production by 411,000 barrels per day starting Tuesday, marking the fourth consecutive monthly output hike. Reports also suggest that a similar increase is under consideration for August, which could add further downside pressure on prices.
Technical Outlook:
Oil remains in a bearish zone and is likely to extend its downtrend as long as prices stay below key support levels.
Support Levels: $62.00 / $58.00
If you like this idea if you have on Opinion about this analysis share in comments.
✅My Free Signals
t.me/ForexProfitPlanet1
✅Join my Telegram Channel
t.me/+Ej9-J05H-g1mOGY0
t.me/ForexProfitPlanet1
✅Join my Telegram Channel
t.me/+Ej9-J05H-g1mOGY0
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
✅My Free Signals
t.me/ForexProfitPlanet1
✅Join my Telegram Channel
t.me/+Ej9-J05H-g1mOGY0
t.me/ForexProfitPlanet1
✅Join my Telegram Channel
t.me/+Ej9-J05H-g1mOGY0
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.