Current trend

OPEC+ will meet today on expectations to cut oil production output by 1 million barrels per day or more. The black gold edges higher ahead of the meeting, rising above $85 in anticipation of the output cut. Reaching a large-cut agreement would support oil prices.

Technical Analysis

After reaching June high, the oil was trading in a descending channel forming lower lows and lower highs heading toward the strong support of 75.97. Oil rises higher toward the edge of the channel at $85.52 but remains stubborn to breaking it. Technical indicators are showing a mixed dynamic. Bulls have to retake $86 in order to extend the bullish trend toward $89.30 and open the door toward 96.48. Bears have to break 80.86 to open the room toward 75.97.

Key levels to watch from the upside: 85.52, 86, 89.30, 96.48, from the downside 80.86, 75.97.