Crude Oil Dips as OPEC+ Boosts Production, Eyes $60 and Below

Crude oil prices lost their shine after the OPEC production increase. It hit an intraday low of  $65.68 and is currently trading around $65.89.

OPEC+ has announced a significant oil production increase of 547,000 barrels per day for September 2025, primarily driven by eight key members aiming to regain market share after prior supply cuts. This acceleration in unwinding the 2.2 million bpd cuts from late 2023 comes as oil prices remain stable around $70/barrel and global inventories are low, with the UAE receiving a special 300,000 bpd increase. While the immediate market impact on prices is expected to be limited due to strong demand and Chinese stockpiling, the move signals a strategic shift to balance stable prices with geopolitical factors, with further adjustments to be discussed at the September 7 meeting.

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 $65.60 violation below targets  $64.45/$62/$60/$57.97/$55.

 It is good to sell on rallies around $66.78-80 with a stop-loss around $68 and a target price of $60/$55.