Brent Rises Today on Middle East Supply Fears
Today, Brent crude oil prices rise on growing supply concerns in the Middle East, especially in Libya and Iraq. Brent futures for October delivery are up 0.5%, trading at $80.33 per barrel, while the November contract is up 0.4% at $79.16. The chart shows the current checkpoint (POC) around $83, with the RSI at 50.03%, signaling balance and possible moves towards the mid-range soon.
The upward pressure on Brent is due to the significant reduction in production in Libya, where more than half of its capacity is out of service due to political conflicts, with losses of up to 1 million barrels per day. Iraq also plans to reduce its production after exceeding its OPEC+ quota. However, despite these rises, Brent is still on track to close August with its second consecutive monthly decline, affected by weak global demand, especially in China. It would not be strange to see the price stagger towards the current support zone of $71.47 if demand does not follow through heading into the fall.
Ion Jauregui - Analyst ActivTrades.
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The upward pressure on Brent is due to the significant reduction in production in Libya, where more than half of its capacity is out of service due to political conflicts, with losses of up to 1 million barrels per day. Iraq also plans to reduce its production after exceeding its OPEC+ quota. However, despite these rises, Brent is still on track to close August with its second consecutive monthly decline, affected by weak global demand, especially in China. It would not be strange to see the price stagger towards the current support zone of $71.47 if demand does not follow through heading into the fall.
Ion Jauregui - Analyst ActivTrades.
*******************************************************************************************
The information provided does not constitute investment research. The material has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and such should be considered a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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