The black gold justifies the OPEC+ decision and the most recent price-supportive pronouncements from Saudi Arabia and Russia. The OPEC+ decision, made public by the organization, does not change the organization’s current stance on oil output.


Saudi Arabia suggested an extension of a voluntary production cut of 1 million barrels per day to the end of September, while Russia pledged to cut oil exports by 300,000 bpd in September. A drone attack on a Russian warship by a Ukrainian naval drone on Russia’s Black Sea navy base at Novorossiysk also pushed the energy benchmark. China’s readiness for further stimulus and the latest Typhoon Doksuri fears provide a tailwind to the WTI crude oil price.

The US Dollar Index pullback after a three-week uptrend adds strength to WTI crude oil prices, but the DXY prints a three-day downtrend near 101.95. The US Baker Hughes Rig Counts have dropped in the last eight consecutive weeks, allowing oil buyers to remain hopeful amid firmer US growth numbers and easing inflation fears. As the two biggest consumers of oil, China and the US, this week’s inflation statistics will be essential for establishing clear directions.

Technical analysis;

A¬†three-week¬†bullish channel, which is currently located between $83.80 and $80.20, keeps short-term WTI crude oil purchasers optimistic, even as the overbought RSI (14) line opposes the quote’s additional rise.

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