A drone strike on Russian oil infrastructure and Israel’s targeted attack on the Iranian embassy in Damascus helped maintain oil’s recent rise ahead of the OPEC meeting
In addition, Ukraine has gone on the counter-offensive, attacking Russia’s main source of funding for the war – its oil infrastructure. The attack took place 1,300 kms from the front lines and is not said to have inflicted significant damage. Ukraine has been targeting various oil infrastructure in Russia in an attempt to cut off the main funding vehicle of Russia’s war on Ukraine.
OPEC+ members led by Saudi Arabia and Russia met last month and decided to maintain voluntary output cuts of 2.2 million barrel per day in an attempt to support the oil market.The oil market is heavily reliant on fundamental factors like demand and supply, find out what else oil traders ought to know about this unique market:
Brent crude oi continues the four day lift after finding support at $85 and recently tagged the $89 mark. In addition, ascending resistance also highlights an interesting intersection between the horizontal level and the trendline . However, the oil market may be due a pullback as it comes perilously close to overbought territory and the intraday price action already reveals a slight step back from the $89 mark.
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