Analyst: Oil prices fell back due to the rebound of the US dollar, deepening market concerns about increased output.

Oil prices fell in early trading on Thursday, reversing most of the gains from the previous trading day due to concerns about increased global output caused by a stronger dollar and slowing demand growth. Phillip mm us$d analyst Danish Lim stated, "In both the short term and future outlook, the main driver of oil prices will be the trend of the dollar." He noted that recent supply and demand changes have put pressure on oil prices. The recent rebound of the dollar is a key downward pressure, and the oil market is expected to remain volatile, despite a put bias. The dollar soared to a one-year high, continuing the upward trend seen on Wednesday, following the release of U.S. inflation data for October.

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Exxon Mobil CEO: Trump cannot significantly increase US oil production.

One of the campaign promises made by the elected President of the United States, Donald Trump, was to significantly increase US oil production and lower energy costs. However, Darren Woods, the CEO of the largest energy company in the USA, exxon mobil, expressed doubts on Tuesday about whether Trump can fulfill this promise, as US oil production is already at historically high levels. Woods said, 'I do not believe that US production is constrained, so I do not know if there is an opportunity to release a large amount of production in the near future, as most US operators have already optimized their production.' The opening ceremony of the 29th International Climate Change Summit in Baku, Azerbaijan.

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