Can Export Curbs Sustain USOIL Momentum?
- China has been the market’s focus, as its recovery is critical in sustaining oil demand.
- Near the end of last month, the market found that Russia did not curb its exports enough.
- However, OPEC+ leaders Saudi Arabia and Russia announced the supply curbs extension through the end of the year.
- From a technical perspective, USOIL bounced significantly from its support level at 85.00 USD per barrel.
- If USOIL immediately surges, the price may retest its next resistance at 89.00 USD per barrel.
- On the contrary, USOIL may retrace to 84.00 – 85.00 USD per barrel if the price corrects before its continuation.
