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Crude Oil Tests Fresh Seven-day Low on Continued Concerns About Demand
OPEC+ has extended the duration of production cuts, the decrease in supply is helping the oil price bottom rebound.
The overall trend of crude oil is showing a volatile upward trend. The average price of WTI this week is $70.78 per barrel, up $1.75 per barrel, or 2.53%, from the previous week. During the week, the main factors boosting oil prices include: OPEC+ extending production cuts, hurricanes leading to a reduction in US oil production, and ongoing uncertainty in the Middle East geopolitical situation. The main factors putting pressure on oil prices include: EIA's increase in crude oil and petroleum product inventories.
WTI Price Forecast: Breaks Below $71.50, Ascending Channel Pattern
usa crude oil fell slightly on Wednesday, investors are concerned about the impact of the election.
USA crude oil futures edged lower on Wednesday. Investors are weighing the impact of a strong US dollar and Trump's foreign policy on global oil supply.
Update: WTI Crude Falls as the Dollar Surges Following Donald Trump's Re-Election as U.S. President
US Total Crude Oil Stocks Rise in Week Ended Nov. 1
