Oil continues its rally after recent rumors that OPEC+ may decide to deepen oil production cuts next Sunday. Today, in turn, we have comments on the oil market from the United Arab Emirates. UAE Oil Minister:

• We are not currently seeing an impact on oil due to the conflict in the Middle East
• UAE has the option to increase production in the face of the current agreement
• There should be an increase in the production limit for the UAE for 2024. In January 2024, the production target for the UAE will be 3.075 million brk per day, or about 135,000 brk per day more than it currently produces
• This decision was reached at the OPEC+ meeting in June

Interestingly, in their recent notes, Goldman Sachs and ING indicated that there was a good chance of increased production cuts from OPEC+ countries, particularly Saudi Arabia and Russia. This is to be attributed to the fact that the market has not turned out to be as tight as expected, and the price has fallen below key levels for these countries. 

WTI crude oil is approaching the 200 SMA level. Key resistance is around $80 at the 50.0 retracement of the last upward wave. Source: xStation5