#Crudeoil Update | MCX | Mar 4
🔸Timeframe: 1 hour
🔸Crude most likey to touch the support at 6560 and move towards upward direction.
🔸OPEC+ may continue to cut oil production beyond Q1 to avoid oversupply.
🔸Commerzbank predicts oil prices will stay strong at $80 per barrel if geopolitical risks persist.
🔸Extending cuts until year-end would signal market tightness and positively impact prices.
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