INSUBCONTINENT EXCLUSIVE:
correction.Official exchange data and price feeds confirm that both Brent and WTI remained flat to slightly positive, with no significant
Brent surged above $80 in mid-June after Israel targeted Iranian nuclear sites, but prices collapsed to current levels after a ceasefire
announcement.This truce, confirmed by government and market sources, removed the geopolitical risk premium that had inflated prices
Analysts note that with the risk of Middle East supply disruptions now much lower, traders have shifted focus back to supply and demand
fundamentals.OPEC+ plans to increase production by 411,000 barrels per day in August, marking the fifth consecutive monthly hike
Four official delegates confirmed this move, which will be formalized at the July 6 meeting.Oil Markets Hold Steady as Geopolitical Risks
Fade and OPEC+ Eyes Output Hike
(Photo Internet reproduction)This expected supply boost weighs on sentiment, especially as global demand remains uncertain
2021, according to Baker Hughes
This signals potential softness in future U.S
output, but it has not been enough to offset concerns about rising OPEC+ supply and sluggish demand.Brent and WTI Crude Oil in Consolidation
Amid Bearish TechnicalsTechnical analysis of the daily and four-hour charts for Brent and WTI shows a market in consolidation
On the daily chart, Brent sits below its 50- and 200-day moving averages, with the MACD negative and widening, and the RSI at 45.23,
indicating weak momentum but not oversold conditions.Bollinger Bands show prices near the lower band, reflecting subdued volatility and a
lack of strong buying interest
The Ichimoku Cloud confirms a bearish structure, with price action below the cloud.The four-hour charts for both Brent and WTI show tight
consolidation just above key support levels
Brent holds above $65.27, while WTI trades near $62.77
or outflows have been reported in major oil ETFs
The market appears to be waiting for the OPEC+ meeting and further economic data from China before making its next move.The real story is a
market that has stripped out its risk premium and now sits in a holding pattern
With supply set to rise and demand signals weak, oil prices remain under pressure, but technicals suggest further sharp declines are
unlikely unless new data shifts the balance.
