Oil prices rallied on Wednesday, with WTI price rising to the $86.5 per barrel level. If WTI price declines, it may encounter support near $83.0 per barrel, while resistance may be found near $91.0 per barrel.
Oil prices rallied on Wednesday, on renewed geopolitical risks. Hopes of a peaceful resolution to the crisis in Israel brought oil prices down in the past few days. The crisis between Israel and Hamas has intensified, however, propping up oil prices. Especially fears of a potential Iranian involvement are buoying oil prices.
OPEC+ kept its output policy unchanged at its latest meeting, maintaining its recent cuts by Russia and Saudi Arabia, which have already been extended till the end of the year.
A strong US dollar and high-interest rates keep oil prices in check. The oil demand outlook has declined as the Fed has hinted at further tightening. The Fed decided to pause rate hikes at its September policy meeting, but that does not necessarily mean it has reached its rate ceiling. Even if the Fed has reached its interest rate ceiling, rates are likely to stay high for longer, driving oil demand outlook and oil prices down.
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Written by:
Myrsini Giannouli
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