WTI Struggles Near Weekly Low, Below $68.00 Mark as Traders Await US NFP Report
OPEC+ meeting in a state of suspense, international oil prices oscillating at low levels.
The crude oil market as a whole is showing a range-bound trend. The average price of WTI this week is $68.65 per barrel, a decrease of $0.90 per barrel or -1.31% from the previous week. Factors that have put pressure on oil prices downward during the week include: record-high crude oil production in the USA, increasing crude oil production in Libya, and an expected increase in OPEC's crude oil production in November. On the other hand, OPEC+ is expected to extend production cuts and geopolitical uncertainties are supporting oil prices.
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CSI Commodity Equity Index Overview: Gold prices fell as investors await USA employment data, while oil prices declined.
Crude oil prices fell slightly on Thursday, although OPEC+ delayed production resumption, they still plan to increase production next year. Gold prices dropped as investors await the usa's non-farm payroll data on Friday for clues on the direction of Federal Reserve policy. London copper edged down.
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