Brent: Monthly reports eyed

Sep 11, 2018

• Oil traders eyed fresh insights from OPEC and IEA reports
  Supply crunch back on the table
  The downside prevails as long as 79.50$-80.50$ is resistance zone
  
  

The monthly OPEC report will be released on Wed, 12 Sep and IEA report will be published on Thu, 13Sep respectively.

We believe this week’s Brent crude oil price action is likely to remain controlled by OPEC and IEA reports. Directionally, we think production wave from Saudi Arabia is setting the stage for bears.

Since the end of June, Brent oil has placed at the top at 79.50$ levels. Just last week, the price made a high at 79.46$ and retraced to 75.50$ levels, its earlier breakout level. It seems the near-term price action may have contained within the 80.0$-75.50$ range unless a fresh catalyst emerges, most possible downside.

Good support could arise around the 75.50$ ahead of the 75.00$ and 74.00-73.70$. A drag below 75.50$ could attract additional selling interest to 74.00$ and 72.20$ levels.
http://www.keytomarkets.com/blog/blog/ktm-commodity-weekly-monthly-reports-eyed/

Sep 12, 2018

Trade closed: target reached