Oil price steadies after sell-off on mixed OPEC+ messaging, weaker US Dollar Oil Brent WTI Technical Analysis Fundamental Analysis
weakens. Russia’s Deputy Prime Minister Alexander Novak said that he did not think further cuts would be announced, when only a few days earlier, the Saudi Oil Minister, Prince Abdulaziz bin Salman, seemed to suggest the opposite. The next OPEC+ meeting is on June 4.
Abdulaziz defended OPEC’s decision to cut production by 2 million barrels per day at its meeting in October 2022. Given the Oil price is at similar levels to October, it further suggests a possible supply cut in June. That said, past experience points to a high likelihood of the two parties agreeing a last minute deal which will act as a bullish catalyst for Oil. WTI Oil is in a long-term downtrend from a technical perspective, making successive lower lows. Given the old adage that the trend is your friend, this favors short positions over long positions. WTI Oil is trading below all the major daily Simple Moving Averages and all the weekly SMAs except the 200-week, which is at $66.90.
Further, the mild bullish convergence between price and the Relative Strength Index at the March and May 2023 lows – with price making a lower low in May that is not matched by a lower low in RSI – is a sign that bearish pressure is easing.
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