Oil prices slumped after OPEC+ decided to raise output. Downbeat sentiment prevails as WTI struggles to achieve a higher high. The recent rebound came to a halt at 101.80 next to the 30-day moving average. A subsequent fall below 96.50 suggests that the path of least resistance is still down. A break below 91.10 could trigger liquidation towards 85.00, opening the door for a bearish reversal in the weeks to come. 96.20 is the first hurdle and the bulls need to clear 101.80 before a recovery could take place.
