December 3, 2022

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US oil remains a buy on dips even as OPEC+ look to increase production.

1 min read

OPEC+

OPEC have done a masterful job of keeping oil prices supported over the last few months. They are meeting next week and a 500K bpd increase in production is being mooted and that is not going to worry markets right now. Some folks are looking at the oil market and calling for $100.

Even if the US/Iran deal is reached the dip should be bought. So, oil remains a buy on the dips from sensible places. S1 daily support zone around 72/72.50 offers a value technical entry for intraday trading today, Stops sub 72.00 should be fine as there is a decent daily trend line in play. 

OPEC+
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