Oil is posting big gains today with both Brent and WTI trading 4% higher. Rally was triggered by media reports suggesting that OPEC+ may decide for a big output cut at the meeting this week (October 5, 2022). Media chatter is now center around 1 million barrel cut in daily production with some even suggesting that 1.5 million barrel cut may be on the cards.
OIL.WTI broke above the downward trendline and climbed back above the $81.00-81.60 resistance zone. After a successful retest of the zone, a strong upward impulse was launched this morning. $83 per barrel mark was breached for the first time in more than a week. A key level to watch in near-term can be found at $84.65 per barrel - the upper limit of a market geometry, a break above would - at least in theory - hint at a trend reversal.
Start investing today or test a free demoOpen real account Try demo Download mobile app Download mobile app
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.