Oil Weakness to Continue
Oil dropped over 3% on Monday.
OPEC+ made a complex decision on Sunday since they will be expending their oil cuts to the end of 2025. The voluntary cuts from eight members will start to be undone from October, and analysts say phasing out cuts puts downward pressure on oil prices.
This analysis shows a possible reversion following the weakness in oil to a area where crude oil futures price has found a zone of support from a series of price action over the past 15 months.
OPEC+ made a complex decision on Sunday since they will be expending their oil cuts to the end of 2025. The voluntary cuts from eight members will start to be undone from October, and analysts say phasing out cuts puts downward pressure on oil prices.
This analysis shows a possible reversion following the weakness in oil to a area where crude oil futures price has found a zone of support from a series of price action over the past 15 months.
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