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.

CME Group19:17 ET

Oil Edges Higher Ahead of Fed Decision -- Market Talk

WSJ12:09 ET

WTI Price Forecast: Breaks Below $71.50, Ascending Channel Pattern

FXStreetNov 7 03:15 ET

Oil Prices Fall As Strong US Dollar And Trump's Victory Shift Market Dynamics

Business TodayNov 6 19:05 ET

Citi Sees Pressure on 2025 Oil Prices Under Trump

WSJNov 6 18:03 ET

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.

Global market report.Nov 6 15:11 ET