The Brent crude oil price fell by over 2.5%, retreating from a high of US$74.18 on Wednesday, as markets prepared for the Organisation of the Petroleum Exporting Countries (OPEC+) meeting on Thursday.
The 22-member alliance is expected to extend production cuts into the first quarter of 2025 amidst concerns over declining demand.
The price drop suggests a potential move towards Monday's low of US$71.49. If this level is breached, key support between US$70.64 and US$69.91—representing October and November lows—may come under scrutiny.
Conversely, a rebound above the recent high of US$74.18 could target the resistance zone at US$74.95 to US$76.16, which comprises August lows and late October-November highs.
IG
