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The sources are saying that OPEC+ is leaning towards resuming oil output hikes starting from April. However, the bloc has not yet made a firm decision on the matter and that talks will continue ahead of their 1 March meeting.The headline is enough to bring about a dip in oil prices, with WTI crude falling from around $63.00 to near $62.30 currently. That’s seeing price fall by 0.9% on the day and coming back towards a key test of the 200-day moving average:That marks a key test on the charts for oil prices, after having to deal with constant US-Iran geopolitical uncertainty in recent weeks. The rebound in late January is still largely sustained, but only by the key technical level highlighted above.A break back below the 200-day moving average frees up room for oil to drop back towards the $60 mark potentially.While OPEC+ is coming back into the volatility equation for the oil market, do keep an eye out still for US-Iran headlines in the meantime.
This article was written by Justin Low at investinglive.com.
💡 DMK Insight
OPEC+’s potential output hike could shake up oil prices, and here’s why you should care: With discussions set for March 1, traders need to watch for any signals that could impact supply dynamics. If OPEC+ confirms an increase, it could lead to a significant dip in oil prices, especially if current demand remains tepid. This uncertainty is already causing some volatility, and a dip could present a buying opportunity for those looking to capitalize on lower prices. Keep an eye on the $70 per barrel level; a break below could trigger further selling pressure. Conversely, if the bloc decides against hikes, we might see a short-term rally as traders cover their positions. But don’t overlook the ripple effects on related markets, like energy stocks and ETFs. If oil prices drop, expect correlated assets to react negatively, which could create a broader market impact. Watch for any shifts in sentiment leading up to the March meeting, as they could signal how traders position themselves ahead of the decision.
📮 Takeaway
Monitor the $70 per barrel level closely; a break below could trigger further selling, while OPEC+’s March 1 meeting will be crucial for direction.
