Oil edged down on Tuesday morning in Asia, even after OPEC+ said on Monday that the organization is in almost full compliance with output cuts in place to support the black liquid as the COVID-19 outbreak continues to decrease demand. OPEC+’s joint technical committee (JTC), made up of technical experts assessing the implementation of the cuts, convened yesterday, with the compliance with July’s output cuts reportedly at around 97%. OPEC+ in August eased the agreed cuts to 7.7 million barrels per day (bpd) from the previous 9.7 million bpd agreed to earlier in the year, as the COVID-19 outbreak caused a collapse in demand. But some investors remained optimistic that prices will remain stable.
TREND : SIDEWAYS
Time : 18/08/2020
Pivot : 42.63
Technical View : LONG ABOVE 42.83
Target : 43.03, 43.61, 44.01, 44.94
Technical View : SHORT BELOW 42.43
Target : 42.23, 41.98, 41.25, 40.75