Oil Production Predictions: Impact of OPEC+ Decisions on Markets

Market Analysis of Oil Trends

Oil prices recovered slightly on Tuesday but faced pressure from OPEC+’s planned increase in production alongside weak demand signals. The U.S. OPEC+ aims to add 180,000 barrels per day in October amidst ongoing economic challenges in key consumption areas.

Current Market Dynamics

• Brent and WTI have both seen consecutive monthly losses.
• Geopolitical tensions contribute to bearish sentiment.
• Market remains skeptical due to increasing supply versus weak demand, particularly from China.

Natural Gas and Oil Price Forecasts

Natural Gas (NG) is currently priced at $2.2770, with a slight decline of 0.22% over the past four hours. Key technical levels include:

• Support: $2.094, $2.042, $1.996
• Resistance: $2.195, $2.228, $2.279

The trend remains bullish as long as prices stay above $2.148.

WTI oil is trading at $74.04, showing a 0.04% increase. Important pivot levels to note are:

• Support: $72.89, $71.92, $70.63
• Resistance: $75.00, $76.00, $76.89

WTI's trend appears cautiously bullish above $74.11; a drop below that could provoke selling.

Brent oil is trading at $77.39 with a minor gain of 0.17%. Current observations reveal:

• Support: $76.74, $76.20, $75.60
• Resistance: $77.96, $78.52, $79.35

The trend remains cautiously bullish unless a break below $77.49 occurs.