The post OPEC may add to supply within weeks – Société Generale appeared on BitcoinEthereumNews.com.

Brent breached below a multi-year ascending trend line denoting risk of deeper decline, Société Generale market analysts note. Oil price may fall towards $70.00 “Brent struggled to reclaim the 50-DMA in recent rebound attempt and has now breached below a multi-year ascending trend line denoting risk of deeper decline. Daily MACD is at a higher level than last month, but signals of a meaningful rebound are not yet visible.” “August trough near $75/75.65 is first layer of resistance. Inability to cross this could mean persistence in down move towards December low of $72.30 and perhaps even towards $70.00. The decline in Brent crude to below $74/bbl is disinflationary and follows reports that OPEC may add about 180k bpd of supply within weeks. Source: https://www.fxstreet.com/news/oil-opec-may-add-to-supply-within-weeks-societe-generale-202409041115

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Filed under: News - @ September 4, 2024 12:27 pm