đź‘€ Possible scenario:
Oil prices were steady on July 1 as investors awaited the expected OPEC+ decision to raise output by 411,000 bpd in August. If confirmed at the July 6 meeting, it would bring this year’s total increase to 1.78 million bpd—over 1.5% of global demand.
The move, led by Saudi Arabia, aims to curb overproduction and regain market share. Meanwhile, easing geopolitical tensions and weak Chinese manufacturing data added downward pressure. Trade talks also remain in focus ahead of Trump’s July 9 tariff deadline, which could raise global trade uncertainty. Morgan Stanley sees Brent falling to $60 by early 2026 on oversupply and waning risks.
âś… Support and Resistance Levels
Now, the support level is located at 66.10.
Resistance levels are now located at 77.50 .
Oil prices were steady on July 1 as investors awaited the expected OPEC+ decision to raise output by 411,000 bpd in August. If confirmed at the July 6 meeting, it would bring this year’s total increase to 1.78 million bpd—over 1.5% of global demand.
The move, led by Saudi Arabia, aims to curb overproduction and regain market share. Meanwhile, easing geopolitical tensions and weak Chinese manufacturing data added downward pressure. Trade talks also remain in focus ahead of Trump’s July 9 tariff deadline, which could raise global trade uncertainty. Morgan Stanley sees Brent falling to $60 by early 2026 on oversupply and waning risks.
âś… Support and Resistance Levels
Now, the support level is located at 66.10.
Resistance levels are now located at 77.50 .
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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.