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Five Key Charts to Watch in Global Commodity Markets This Week
WTI Holds Steady Near $68.50, Renewed US Dollar Demand Might Cap Its Upside
Crude Oil Trades Stuck at $68 Level Ahead of API Stockpile Data
Oil Steadies Near November Lows With Outlook for Demand in Focus
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.
