# Oil Market Nears Breakout Point | OilPrice.com

> Bank of America analysts say crude oil, which has been range-bound for about a year, is nearing a technical breakout, with a bearish breakout seen as more likely. Brent fell below $80 a barrel as the Middle East war premium shrank and China demand concerns grew. The article also judges that OPEC+ is unlikely to roll back its production cuts.

- Date: 2024-07-31 · published 2024-07-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/29472-oil-market-nears-breakout-point-oilprice-com
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A bank's bearish technical call combined with fading geopolitical premium points to lower crude prices, which would ease energy input costs for feed producers. Any OPEC+ reversal would be the main upside risk.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Sources

- oilprice.com: https://oilprice.com/Energy/Oil-Prices/Oil-Market-Nears-Breakout-Point.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.