After OPEC+ suddenly declared that it would cut production by 1.16 barrel every day from May till to the end of 2023, prices increased by around 5% in the following week.
The most recently EIA statistics revealed greater-than-anticipated decreases in US petrol and crude stocks. More than the market anticipated, the US crude oil stocks dropped by 3.739 million barrel last week.
According to Energy Information Administration data, U.S. field production of crude oil increased in Jan to 12.46 million barrels each day, the high level since Mar 2020.
Now, Crude Oil is receiving support at 6532, and a move below that level could result in a test of 6480 levels. Meanwhile, resistance is now likely to be seen at 6640, and a rise above could result in a test of 6685 levels.