If Joe Biden wins the US presidential election this November, Iran could turn cut oil production and export 2 million barrels a day. There is now consensus among analysts and international agencies that the oil market is tightening, pushing oil prices higher next year.

According to the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA), oil demand is expected to increase next year, with exports likely to be between 5 million and 7 million barrels. Per. OPEC+ plans to further reduce its production with the theory that supply and demand expectations for 2021 are negative on oil prices.

The November US presidential election could install a new administration at President Biden’s White House, which could lead to a renegotiation of the Iran nuclear deal and easing sanctions on Iran’s oil exports. Leading oil analysts said last week that a return of 1 to 2 million barrels of Iranian oil a day to world markets would push up oil prices next year.

Pivot point: 40.50

Resistance1:41.00    Support 1:40.00

Resistance2:41.50    Support 2:39.50

Resistance3:42.00    Support 3:39.00

Today’s oil Signals:

Traders should sell oil: 39, Set Take Profit: 39.50, Stop loss: 41.50.

Traders should buy oil: 39, Set Take Profit: 41.50, Stop loss: 37.50.

Analyzed by: Ms Van Sreytouch, Independent Analyst