Rising Oil: OPEC Adjusts Demand and Global Conflicts
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
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