{"id":128692,"date":"2018-06-19T10:30:32","date_gmt":"2018-06-19T14:30:32","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=128692"},"modified":"2018-06-19T06:29:43","modified_gmt":"2018-06-19T10:29:43","slug":"brent-technical-analysis-higher-expected-crude-output-bearish-for-brent","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/06\/brent-technical-analysis-higher-expected-crude-output-bearish-for-brent\/","title":{"rendered":"BRENT: Technical Analysis – Higher expected crude output bearish for Brent"},"content":{"rendered":"
June 19, 2018<\/div>
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By IFCMarkets<\/a><\/p>\n

Higher expected crude output bearish for Brent<\/strong><\/p>\n

OPEC and Russia are expected to raise output to offset Venezuela and Iran supply shortfalls. Will Brent prices<\/a> continue the decline?<\/p><\/blockquote>\n

Major crude oil producers will meet Friday to discuss crude oil production quotas. Saudi Arabia, the major oil producers of the Organization of the Petroleum Exporting Countries, is considering an output boost of 500,000 to 1 million barrels a day, according to media reports. Russia, another top world producer of crude oil, is considering expanding its output by as much as 1.5 million barrels. Higher expected output forecast is bearish for Brent.<\/p>\n

\"Brent<\/p>\n

On the daily timeframe the BRENT: D1 <\/b> has been trading with negative bias after hitting thirty-one-month high in mid-May. It had breached below the 50-day moving average MA(50) which is leveling off.<\/p>\n