OPEC+ Expects Bold Production Hike as Oil Prices Decline on Hopes of Increased Supply Near $64

Crude oil prices lost their shine as the market expects an OPEC production increase. It hits an intraday low of  $64.03 and is currently trading around $64.20.

Eight important countries under OPEC+, including Saudi Arabia and Russia, will convene virtually on September 8, 2025, to discuss further increasing oil production for Continuing their relentless attempt to recapture market share, October Though recent production increases from April total over 1.6 million barrels per day, Brent crude values still hover about $70 per barrel, fueled by high demand and limited worldwide supplies. Though some experts warn of a potential stop owing to market and political uncertainties, including U.S. pressure on Russia, the group could undo more of its 1.65 million bpd reductions. This decision emphasizes OPEC+'s change from price support to market visibility focus, taking advantage of strong economic conditions.

Price Resistance and Support Levels

The near-term resistance is around $66.96; any breach above this level could push prices higher to $68/$70/$70.80/$71.80.On the downside, immediate support is at $63.75 violation below targets  $63/$62/$60/$57.97/$55.

 It is good to sell on rallies around $66 with a stop-loss around $67.35 and a target price of $60/$55.