The price of oil initiates a series of lower highs and lows as the Organization of Petroleum Exporting Countries (OPEC) plan to boost production in September, and crude appears to be on track to test the February low ($86.55) as it clears the July low ($90.56). The price of oil struggles to hold its ground after closing below the 200-Day SMA ($94.58) for the first time in 2022, and the recent announcement by OPEC may keep crude under pressure as the group plans to increase production by “0.1 mb/d for the month of September 2022.” The upward adjustment in the production schedule suggests OPEC will gradually respond to ... (full story)