- Oil traders eyed fresh insights from OPEC and IEA reports
Supply crunch back on the table
The downside prevails as long as 79.50$-80.50$ is resistance zone
The monthly OPEC report will be released on Wed, 12 Sep and IEA report will be published on Thu, 13Sep respectively.
We believe this week’s Brent crude oil price action is likely to remain controlled by OPEC and IEA reports. Directionally, we think production wave from Saudi Arabia is setting the stage for bears.
Since the end of June, Brent oil has placed at the top at 79.50$ levels. Just last week, the price made a high at 79.46$ and retraced to 75.50$ levels, its earlier breakout level. It seems the near-term price action may have contained within the 80.0$-75.50$ range unless a fresh catalyst emerges, most possible downside.
Good support could arise around the 75.50$ ahead of the 75.00$ and 74.00-73.70$. A drag below 75.50$ could attract additional selling interest to 74.00$ and 72.20$ levels.
http://www.keytomarkets.com/blog/blog/ktm-commodity-weekly-monthly-reports-eyed/
Trade closed: target reached