Oil Market Analysis: Supply Strategy Overshadows Price Recovery
Over the past several weeks, oil prices—particularly benchmark West Texas Intermediate (WTI)—have demonstrated notable stagnation, fluctuating within a narrow range. Despite periodic intraday advances, the market has failed to secure a daily close above the technical resistance zone of $61.90 to $62, now persisting for nearly three weeks.
This indicates a persistent lack of momentum and a strong ceiling that bulls have yet to convincingly overcome.
US Crude (WTI) Daily Chart
Past performance is not a reliable indicator of future results.
OPEC+ Strategy: Sacrificing Price for Volume
Recent updates from OPEC suggest a continued ramp-up in output, with a new addition of approximately 411,000 barrels per day now confirmed for July. This…
