Adding further downside pressure on energy prices, OPEC+ approved a September output increase of approximately 188,000 barrels per day. The hike completes the cartel's planned rollback of 1.65 million barrels per day in voluntary production cuts originally implemented in 2023, boosting supply just as middle eastern supply risk premiums began to cool.
On the daily chart, the contract rejected hard off its $92.50 peak over the last three weeks, rolling straight back down to test support at $80.00. Failure to hold this handle opens the door for a slide toward $74.50, whereas bulls need a clear push above $92.50 to regain control.