BRN bulls are trying to stabilize around $81.24/bbl after oil prices experienced a ~1% decline on Wednesday, before swiftly paring much of those knee-jerk declines.
OPEC+ will instead hold this meeting online, on November 30.
Prior to the delay, markets had leaned towards an extension of Saudi Arabia’s unilateral 1 million bbl/day production cut with the potential for other OPEC members to join them.With the current de-escalation in the Middle East and still murky prospects for a global oil demand in 2024, BRN might be on track to seal back-to-back monthly declines.On the supply side, the higher-than-expected (8.7M vs 1.6M expected) change in US crude oil inventories reading before Thanksgiving, along with a potential increase in supply from outside of the OPEC+ circle are adding additional downward pressure to the oil prices.
From a technical perspective…
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