Iraq pushes Opec to let it pump more oil

The news indicates that Iraq has requested permission from OPEC to increase its oil production. This development could exert downward pressure on oil prices due to expectations of higher supply, potentially negatively impacting shares of oil companies such as BP. Technical indicators already paint a weak picture: the RSI is in oversold territory at 27, the MACD is below its signal line, and the price is trading below both the 20-day and 50-day moving averages. The short-term downtrend is likely to continue.

Iraq's request for permission to increase oil production beyond OPEC quotas could pressure oil prices on expectations of higher supply. CVX shares already exhibit a technically weak outlook, with the RSI approaching oversold territory at 31, while the MACD remains below the signal line and in negative territory. The price is trading below both the 20-day and 50-day moving averages, confirming a short-term bearish trend. With the news and technical indicators converging, CVX appears likely to decline further over the next 1-3 days.

The news reports that Iraq has requested permission from OPEC to increase its oil production. This could put downward pressure on oil prices due to expectations of higher supply, potentially negatively impacting OXY stock. Technically, the RSI is weak at 40, the MACD is below zero and below its signal line, supporting a short-term bearish trend. The price is trading below both the 20-day and 50-day moving averages. However, I believe the decline may be limited as the stock has already lost nearly 1% in the last 24 hours.

Iraq's request for permission to increase oil production beyond its OPEC quota could weigh on Brent prices amid expectations of higher supply. Technically, while the price remains above the 20-day moving average, it stays below the 50-day moving average, and the MACD has yet to turn positive, indicating weakness. Although the RSI at 56 is in neutral territory, supply concerns triggered by the news may intensify selling pressure in the short term. Therefore, a downward move is possible in the near term.