OPEC lowers oil demand growth forecast, oil prices remain on the rise! Keep an eye on the IEA monthly report.
It is expected that petroleum demand will increase by 2.11 million barrels per day to reach 0.1043 billion barrels per day by 2024, a decrease of 0.135 million barrels per day from the forecast in July.
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USA refinery producers are slowing down production, exacerbating concerns about global crude oil oversupply.
Some top oil refiners in the USA are reducing their operation of refining facilities this quarter, which is exacerbating concerns about the global oversupply of crude oil products.
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Many environmental factors have changed, leading to potential differences in the crude oil industry in Trump's next term compared to the previous one.
Poor economy drags down the market and soaring risk aversion pressures oil prices to plummet.
This week (8.1-8.7), crude oil product overall showed a trend of falling first and then rising. The average price of WTI this week was $74.24 per barrel, a decrease of $2.54 per barrel or -3.31% from the previous week.
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