Daily Analysis: UKOIL ( Oct 04 2022 )

OPEC+ will hold its meeting on Wednesday in Vienna. And its allies will decide the output cut. According to analysts at Goldman Sachs, they predict that the output will reduce one million bbl/day. If the cut comes strong like one million bbl/day, then the price will rise approximately $13/bbl. 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.

Technically, 89.95 (21DMA) is seen as resistance level. More upside, the next is at 92.75 level. On the downside, 88.75 is seen as support level. If broken, the next will be at 87.10 level.

Support: 88.75 – 87.10 – 85.00

Resistance: 89.95 – 92.75 – 94.50