UKOil trades bullishly as Russia set to reduce oil exports
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UKOil has pushed into its bullish channel, between the upper blue and red bands. Its daily RSI is also above 50, which is the bullish side of the indicator. If these positions are held, there will be an underlying support for UKOil.
There is a general buoyancy to energy prices as supplies continue to be tightened, with expectations that OPEC+ will extend output cuts until year end. Moreover, Russia will reduce oil exports, with the details to be announced next week.
Saudia Arabia is likely to rollover their 1m bpd cut into October. This will be the third consecutive months that the cuts have been rolled over.
Russell Shor
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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