International oil prices declined on Monday (August 4) after OPEC and its allies (OPEC+) agreed to a significant production increase in September. However, traders remained cautious over potential further sanctions against Russia.
Goldman Sachs analysts estimate that the actual increase in supply from the eight OPEC+ countries that have raised production since March will be around 1.7 million barrels per day, as other member countries have cut output after previously exceeding their quotas.
West Texas Intermediate (WTI) crude fell $1.04, or 1.5%, to $66.29 per barrel.
Trading suggestion: After touching a low of $65.95 — near the current trendline support — oil prices consolidated and closed at $66.72, forming a bearish candlestick with a slightly longer upper shadow. This pattern may indicate further consolidation before any potential rebound.
Buy near 66.10, Stop loss 65.60, Target 67–68.
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