The oil is supported by reports that Saudi Arabia lowered its November export oil prices for Asia, the Mediterranean countries, Europe and the United States.
Also, a positive factor for the oil market in recent days was the decision of the OPEC + states to maintain the previously adopted plan to increase oil production, despite the growth in demand amid a sharp rise in the cost of natural gas.
In accordance with this plan, OPEC + countries will increase oil production in November by 400 thousand barrels per day.
Meanwhile, data from the American Petroleum Institute (API) indicated an increase in US oil inventories by 951 thousand barrels for the week ended October 1, while analysts predicted an average rise of 4.127 million barrels.
Further oil situation will directly depend on the dynamics of the US dollar. The oil itself, most likely, needs a correction, and if the dollar is not weak, this is possible.
Proposed deal for this tool:
Entry Point - 82.59 (SELL-Limit)
Stop Loss - 83.45
Take Profit - 81.73
Also, a positive factor for the oil market in recent days was the decision of the OPEC + states to maintain the previously adopted plan to increase oil production, despite the growth in demand amid a sharp rise in the cost of natural gas.
In accordance with this plan, OPEC + countries will increase oil production in November by 400 thousand barrels per day.
Meanwhile, data from the American Petroleum Institute (API) indicated an increase in US oil inventories by 951 thousand barrels for the week ended October 1, while analysts predicted an average rise of 4.127 million barrels.
Further oil situation will directly depend on the dynamics of the US dollar. The oil itself, most likely, needs a correction, and if the dollar is not weak, this is possible.
Proposed deal for this tool:
Entry Point - 82.59 (SELL-Limit)
Stop Loss - 83.45
Take Profit - 81.73
Trade closed: target reached
