Oil is strongly rebounding after the OPEC report

Today, the latest OPEC report was published, which clearly shows an increased deficit and a positive outlook on demand for the next year:

• OPEC data shows a deficit in the oil market this year at a level of 3 million barrels per day!
• Demand growth this year remains at a level of 2.4 million barrels per day.
• Demand growth in 2024 is projected to be at 2.2 million barrels per day
• Production in Saudi Arabia is below 9 million barrels per day
• OPEC production in August increased by 113 thousand barrels per day

Brent crude oil is breaking out of consolidation and testing the resistance level of $92 per barrel. Resistance level is around 93-93.5 in the form of the upper limit of the upward trend channel.

Source: xStation 5