OPEC+ kept supply cuts in place, with Russia surprising markets by constraining its output for Q2. Red Sea strikes add to upside potential but growth concerns linger
Another factor weighing on oil upside is the record levels of non-OPEC supply entering the market, with the US the main contributor. The graph below shows the longer-term uptrend in US oil production.
At the start of this week, Brent crude is rather flat but trades above the prior level of resistance around $83.50. The next levels of resistance appear at $87 and $89 with price above both the 200 and 50-day simple moving averages . In the event bulls fail to build momentum from here, $82 appears as support which coincides with the 200 SMA and $77 remains the next level of significance to the downside.
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