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Oil Prices Fell on Monday on Oversupply Concerns as OPEC and its Allies

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Oil prices fell on Monday on concerns about oversupply as OPEC and its allies, together known as OPEC+, are due to pull back from production cuts in August while an increase in COVID-19 cases worldwide raised fears of slower pick-up in fuel demand.Brent posted a fourth month of gains in July and U.S.

crude posted a third as both rose from depths hit in April, when much of the world was in lockdown due to the coronavirus pandemic. Investors are worried about supply gluts as the OPEC+ is due to start reducing production cuts this month and a recovery in oil prices from record lows is expected to encourage U.S. shale producers to ramp up output. Oil output by the Organization of the Petroleum Exporting Countries rose by over 1 million barrels per day in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance.

TREND : WEAK BEARISH

Time                                      :           03/08/2020

Pivot                                      :           40.09

Technical View                     :             SHORT BELOW 39.89

Target                                   :            39.69, 39.51, 39.18

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