OPEC+ may cut supply to stem oil price drop on Oct. 5th
there are reports circulating that the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, may take action to stem the drop in prices by cutting supply. The group meets to set policy on October 5.
keep an eye on the 5th of October to know supply will cut or not
in addition, A slightly softer U.S. Dollar is also helping to create demand for the dollar-denominated asset
for another issue ,Hurricane Ian is not expected to hit any oil platforms at this time, but oil companies are evacuating platforms as a precaution.
The key issue is supply at this time. News that could cause supply disruption will be bullish. There is also chatter that the U.S. Dollar is overbought and needs to come down. A steep break in the U.S. Dollar could send crude oil prices sharply higher.
above analysis is based on Fibonacci pinball as a tool or method for the target of impulsive wave
keep an eye on the 5th of October to know supply will cut or not
in addition, A slightly softer U.S. Dollar is also helping to create demand for the dollar-denominated asset
for another issue ,Hurricane Ian is not expected to hit any oil platforms at this time, but oil companies are evacuating platforms as a precaution.
The key issue is supply at this time. News that could cause supply disruption will be bullish. There is also chatter that the U.S. Dollar is overbought and needs to come down. A steep break in the U.S. Dollar could send crude oil prices sharply higher.
above analysis is based on Fibonacci pinball as a tool or method for the target of impulsive wave