OPEC+ supply cuts are reflecting in UKOil’s primary trend
The pledge by Saudi Arabia and Russia to increase oil supply cuts is having a positive effect on the UKOil weekly price chart. It suggests a possible change in its primary trend.
Senior Market Strategist
Russell Shor is a Senior Market Strategist at FXCM, having been promoted to the role in 2025 in recognition of his depth of insight and consistent delivery of high-impact market analysis. He originally joined FXCM in October 2017 as a Senior Market Specialist.
Russell holds an Honours Degree in Economics from the University of South Africa, is a certified FMVA®, and a full member of the Society of Technical Analysts (UK). With over 20 years of experience in financial markets, his work is renowned for its clarity, precision, and strategic value across asset classes.
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The pledge by Saudi Arabia and Russia to increase oil supply cuts is having a positive effect on the UKOil weekly price chart. It suggests a possible change in its primary trend.
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Rivian hit a low of $11.68 in late April. Since then, the company has appreciated by close to 75% and is currently trading at $20.43. Importantly, the daily chart’s On Balance Volume indicator has moved above its red declining trendline, which indicates that Rivian shares have been accumulated since late June.
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