Oil prices are heading toward their worst monthly performance since 2023, with Brent crude down about 15% this year due to expectations of a significant global supply surplus. The OPEC+ alliance is expected to maintain its decision to freeze production increases in early 2026, while long-term reviews of members’ production capacities are underway. Forecasts also point to a daily surplus reaching 2.8 million barrels in 2026 and 2.7 million barrels in 2027, adding further selling pressure.
Additionally, geopolitical developments may impact the market, as Russia has expressed readiness to discuss proposals to end the war in Ukraine. This could eventually lead to easing sanctions and the return of Russian oil flows to global markets, which would increase supply and weigh on prices.
On the technical side, the price on the 4-hour timeframe has risen and formed a higher high above the 59.16 level, shifting the trend from bearish to bullish in the short to medium term.
The price may rise directly from the current levels near 59.126, or it may retrace toward 57.64 before rebounding again to target the 59 level.
The opposite scenario to the current bullish outlook would be a decline below 57.20 and the formation of a lower low on the 4-hour timeframe.
Additionally, geopolitical developments may impact the market, as Russia has expressed readiness to discuss proposals to end the war in Ukraine. This could eventually lead to easing sanctions and the return of Russian oil flows to global markets, which would increase supply and weigh on prices.
On the technical side, the price on the 4-hour timeframe has risen and formed a higher high above the 59.16 level, shifting the trend from bearish to bullish in the short to medium term.
The price may rise directly from the current levels near 59.126, or it may retrace toward 57.64 before rebounding again to target the 59 level.
The opposite scenario to the current bullish outlook would be a decline below 57.20 and the formation of a lower low on the 4-hour timeframe.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.