‼️ About news:
- Sources at OPEC + revealed that the US has more than enough power to increase oil production by itself if it believes that the world economy needs more energy, in the past year, the price of oil has gradually increased from 50 USD/barrel to more than 80 USD/barrel now. now on. According to Bloomberg news, until Russian President Vladimir Putin warned that the price of 100 USD/barrel was not far away, the US, India, Japan and many other countries simultaneously exerted the strongest diplomatic pressure on the country in many years. OPEC + with a call to increase production to support economic recovery after the Covid-19 pandemic.
- The reason OPEC + decided not to increase production, as their statement, was that oil demand was still restrained by the Covid-19 epidemic. Saudi Arabia's Energy Minister Abdulaziz bin Salman said on November 4 that the world would have "huge" oil reserves in late 2021 and early 2022 due to slow consumption.
- For his part, Russian Deputy Prime Minister Alexander Novak affirmed that OPEC + has provided an additional 2 million bpd to the market since August and "oil demand in the European Union has begun to decline in October." ".
- Ann-Louise Hittle, Vice President at Wood Mackenzie Company (UK), commented that OPEC production has increased sharply this year, from an average of 25 million bpd in the first quarter to 27 million bpd in third quarter.
"Obviously the world has enough oil for this winter and oil prices will go down," Ms. Hittle told Market Watch. In addition to the above reason, S&P Global Platts (UK) said that in addition to Saudi Arabia, Russia, Iraq ..., many countries in OPEC + were affected by production due to damaged infrastructure.
‼️ About the technical angle:
- As my analysis on November 1, 2021, my opinion is to sell down and oil has reached TP1 at around $77 and today when analyzing I still maintain this view when the price is currently quite high in the current economic recovery period, a correction in my opinion is necessary at this price range. In my view, I prefer selling around $81-83, safe target at $77-78 and further expectation is $74-75
(Specific and intraday strategies will be updated at the group - Oil price is currently being analyzed at 81.18USD/barrel)
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