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USOIL Struggles to Rally

Written By: ChartChamp

July 18, 2024

There is an upcoming OPEC+ meeting in August, and the oil producing countries are unlikely to change their oil output. They are intentionally limiting the oil supply to help keep the oil prices more stable. I’m bullish on oil in 2025, but not so much in 2024 because oil prices tend to be low during Presidential election years. In terms of the price action, US OIL has been trading around this light blue channel. Support was lost below the lower end of the channel, and now this light blue resistance line is acting as resistance for USOIL around $83.

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