Oil falls on expected supply increase.
Oil prices continuing to fall today, extending yesterday’s sharp losses as investors prepared for increased supplies after a compromise deal between leading OPEC producers. WTI and Brent fell more than 2% yesterday after it was reported that Saudi Arabia and the United Arab Emirates have reached a compromise that should open the way for a deal to supply more crude to a tight oil market and cool soaring prices. This has prompted some of the oil traders to take some profits before the deal is concrete. Oil prices also came under bearish pressure from reports showing that China’s economy grew slightly more slowly than expected in the second quarter, weighed down by higher raw material costs and new COVID-19 outbreaks.
Expect sellers on upward corrections.
Next support to watch – 71.80
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