WTI CRUDE OIL - Crude oil before US elections - 11/04/2024 (GMT)

Oil prices rose after OPEC+ decided to delay its planned production increase by a month, aiming to maintain supply restrictions through year-end. This decision follows OPEC+ concerns about oversupplying a fragile market, especially with China’s slow demand growth. At the same time, geopolitical tensions rose as Iran's Ayatollah Ali Khamenei threatened a "crushing response" to Israel, raising fears of regional instability affecting oil infrastructure. The oil market faces key events, including the U.S. election, a meeting of China's legislative body, and Saudi Aramco’s December pricing announcement.
 On the technical side, the price has pushed through the resistance of the 50-day moving average and 61.8% of the daily Fibonacci retracement and is currently testing the previous short-term high of around $71,50. The Stochastic oscillator is approaching the extreme overbought levels but it’s not quite there yet so the bullish correction might still have some boost in it to probably push up to the $73 area just above the 38.2% of the Fibonacci. The Bollinger bands have somewhat contracted hinting that volatility is slowing down but it’s still quite expanded to support any minor directional movement.