đź‘€ Possible scenario:
On June 4, Brent crude oil dropped over 1% to below $64 per barrel after Saudi Arabia signaled plans to push OPEC+ for an output increase of at least 411,000 barrels per day in August and possibly September to capture market share during peak summer demand. This follows a modest production rise in July, though Saudi Arabia has yet to fully use its quota. The price of Brent crude remains near $65 on June 5, pressured by concerns about global oil oversupply.
US crude inventories fell by 4.3 million barrels last week, indicating tighter supply, but higher-than-expected gasoline and distillate stockpiles weighed on prices. Traders remain cautious amid ongoing trade tensions, with President Trump calling talks with China’s leader “extremely hard,” clouding the outlook for global demand. Meanwhile, Canada is preparing potential retaliatory measures, and the EU reports progress in trade talks, keeping investors alert to wider economic risks.
👉🏼 Support and Resistance Levels
Now, the support level is located at 62.30.
Resistance levels are now located at 65.75 .
On June 4, Brent crude oil dropped over 1% to below $64 per barrel after Saudi Arabia signaled plans to push OPEC+ for an output increase of at least 411,000 barrels per day in August and possibly September to capture market share during peak summer demand. This follows a modest production rise in July, though Saudi Arabia has yet to fully use its quota. The price of Brent crude remains near $65 on June 5, pressured by concerns about global oil oversupply.
US crude inventories fell by 4.3 million barrels last week, indicating tighter supply, but higher-than-expected gasoline and distillate stockpiles weighed on prices. Traders remain cautious amid ongoing trade tensions, with President Trump calling talks with China’s leader “extremely hard,” clouding the outlook for global demand. Meanwhile, Canada is preparing potential retaliatory measures, and the EU reports progress in trade talks, keeping investors alert to wider economic risks.
👉🏼 Support and Resistance Levels
Now, the support level is located at 62.30.
Resistance levels are now located at 65.75 .
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.