OIL drops below $80❗

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Brent and WTI are trading almost 1% lower today. Brent (OIL) dropped below $80 per barrel for the first time since March 31, 2023. This means that price has finally closed a massive bullish price gap that was triggered by an unexpected OPEC+ output cut, led by Saudi Arabia and Russia. There is a lot of uncertainty over whether this output cut was "real" as a number of OPEC+ members has already been producing below agreed quotas. Moreover, concerns over global economic growth, and in turn oil demand, are also mounting:

US president Biden wants to restrict investments in some sectors of Chinese economy what may further limit growth in this country
Regional Fed indices from the US are showing signs of economic weakness
Banking fears have been reignited by poor Q1 earnings release from First Republic Bank

Taking a look at OIL at D1 interval, we can see that the price dropped below $80 mark today and closed a bullish price gap. However, bears seem to struggle to deepen the move below $80 support zone. Should we see a break below, sellers may target $76 support zone. On the other hand, successful defense of $80 area could hint at possibility of OIL climbing to the upper limit of the trading range in the $87 area.

OIL at D1 interval. Source: xStation5

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