azizelliott

$UKOIL - Production cuts will pump it to $101

Long
TVC:UKOIL   CFDs on Brent Crude Oil
Hi guys! πŸ‘‹πŸ»

πŸ”” Surprisingly low US inventories data supported a short-term uptrend of Brent crude, comforting the price to hit $90 this week.

πŸ”” OPEC+ meeting scheduled on October 5 will be on the watch, as the cartel suggest a production cut of 100,00 barrels per day (bpd).

πŸ”” Brent once again retested the upper edge of the descending triangle , although the bullish run is yet to be confirmed. The confirmation is set under a breakout from the wedge and closing of the price above $91.60. If that is confirmed, then we expect the price to move further to $98 and $101.

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