Daily Analysis: UKOIL ( Oct 03 2022 )

OPEC+ will hold its meeting on Wednesday in Vienna. It is the first-time head-to-head meeting after pandemic. Some media reports mentioned that the OPEC+ is considering slashing production by more than 1 million barrels a day but the alliance delegates said a final decision on the size of the cuts won’t be made until Wednesday. Also, Reuters reported that Saudi Arabia is considering raising prices for most crude grades it sells to Asia in November, as the world’s top oil exporter expects demand to recover and Chinese refineries to increase output.

Today, eyes will be on PMI data. The expected trading range for today is between 86.10 support and 90.10 resistance.

Support: 87.10 – 85.00 – 82.95

Resistance: 88.70 – 90.20 – 94.75