Breaking news, OPEC+ may consider cutting production when Iran would return to the market. This is a possibility with the nuclear deal, which has been quite talked about recently. Iran could bring about 1-2 million barrels per day to the market fairly quickly. However, OPEC+ has a lot of room for a potential cut, given the strong production growth from Saudi Arabia or Russia.
Oil is breaking out of a downtrend today and is close to testing the $94-95 area. The breakout of the last local peak could give signals to break out of the downward sequence.
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Source: xStation5
