⏬ WTI oil dips 4%

OPEC+ postpones meeting, suggesting no desire for additional production cuts 📌

OPEC+ reports that the meeting that was to be held on Sunday is canceled. Most likely, the meeting will be rescheduled for next week. This could mean that many countries do not want another production cut, which of course limits potential gains. It is worth mentioning that Saudi Arabia's GPD will decline this year, caused among others by lower oil production. 

Recall that in April this year, the entire OPEC+ group decided to cut production targets by more than 1.5 million brk per day, most of which was attributed to Saudi Arabia. Then Saudi Arabia and Russia decided to make additional voluntary production cuts. 

WTI crude oil is losing about 4% and falling below $75 per barrel. Thus, support near the 61.8 retracement was defeated and there was a pullback from important resistance at $78, where the 200 SMA was located.

Source: xStation 5