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With US production reaching a historic high, the oil industry is working hard to turn the tide

2023-12-5 23:35| Publisher: 2233| see: 439| comment: 0|come from: DailyFX

abstract: Brent crude oil news and analysis, despite upcoming purchases SPRHowever, oil still cannot stop the decline. Saudi Arabia supports further production cuts and slowly withdraws from policies to maintain price stability despite upcoming purchases SPRHowever, oil still cannot stop the decline. After the US Department of Energy withdrew record breaking oil inventories last year to control inflation, ...

Brentcrude oilNews and Analysis

Although soon to be purchased SPRBut oilStill unable to stop the decline
Saudi Arabia supports further production cuts and slow withdrawal policies to maintainPricestable

Although soon to be purchased SPRBut oil still cannot stop the decline

The US Department of Energy has increased its efforts to replenish inventory after withdrawing record oil inventories last year to control inflation.The US Department of Energy currently expects to 2 Monthly (not summer) recovery 400 Ten thousand barrels of oil reserves, which seems to demonstrate utilizationoil priceThe new urgency of decline.The following figure shows that the United States is 11 Increase production in the last week of the month 30 After ten thousand barrels,SPR Inventory has slightly increased.

With US production reaching a historic high, the oil industry is working hard to turn the tide661 / author: / source:DailyFX

Source:EIARichard Snowprepare

In addition, Saudi Arabia welcomes the subsequent voluntary production reduction and clarifies that any withdrawal of production reduction will be carried out at a controllable pace.

Considering the technical level of petroleum

After three days of selling, oil prices are currently being tested and observed less frequently 50% Fibonacci retreat 77 The US dollar is expected to enter its fourth trading day.Despite announcing production cuts, the oil market remains bearish and the market does not believe that the conspiracy group is unified.Some African countries have raised objections to reducing production quotas and postponed the originally scheduled meeting date, indicating that there are still countries holding objections after the decision.

There are almost no obstacles that can lead to 71.50 Moving towards the direction of the US dollar - this was the previous support level to prevent price declines.because RSI Approaching an oversold state, it is crucial to observe this indicator in the coming days.Globaleconomic growthSlowing down is also of no use, as market participants are considering the decline in future oil demand.In addition, the United States has reached record production levels for the second consecutive month, increasing global oil supply and offsetting OPEC's latest measures to further reduce production.

Brent crude oil daily chart