Rising Oil: OPEC Adjusts Demand and Global Conflicts

١٣ أغسطس

The oil market has been caught between two opposing forces. OPEC has revised down its demand expectations, citing a slowdown in the Chinese economy, which has put downward pressure on prices. However, geopolitical tensions in Ukraine and the Middle East have added to uncertainty, pushing prices higher.

Brent has surpassed $80 per barrel, influenced by conflicts in Kursk, Ukraine, and in the Middle East, where the confrontation between Israel and Iran has raised tensions. In addition, a possible reduction in U.S. oil production has been noted, adding further pressure to the market.

Currently, the RSI is in its mid-range at 52.08%. The Check Point (POC) of $82 was reached yesterday. US production, energy and trade data, as well as Red Book and crude oil data, will be key in assessing the impact on West Texas and Brent prices this afternoon.

Ion Jauregui - Analyst ActivTrades





*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.

All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.

Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.