Crude Oil flirts with new seven-day low as focus shifts to OPEC monthly report
The post Crude Oil flirts with new seven-day low as focus shifts to OPEC monthly report appeared on BitcoinEthereumNews.com.
Crude Oil dips further, breaking below the psychological $70.00 level. Traders remain focused on concerns over Chinese demand and OPEC’s impasse as key issues leading to oversupply. The US Dollar Index rallies further after President-elect Donald Trump enlarged his victory. Crude Oil slides by more than 1% on Monday, piling on Friday’s losses and within touching distance of a seven-day low, ahead of the publication of the monthly OPEC report on Tuesday. Traders are already writing off the report as a non-event after OPEC already sidetracked on its production normalization last week by extending the measure by a month. Far from enough, traders also worry about Chinese demand for Oil once President-elect Donald Trump imposes tariffs on the country’s products. The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, extends gains on Monday after headlines over the weekend that President-elect Donald Trump secured an additional swing state to its victory. All eyes are now on the count for the House of Representatives, where the Republicans are just four seats shy of the majority after already securing the Senate. Meanwhile, traders gear up for the US Consumer Price Index (CPI) on Wednesday. At the time of writing, Crude Oil (WTI) trades at $68.95 and Brent Crude at $72.62. Oil news and market movers: OPEC will not help Tuesday The monthly OPEC report is due Tuesday near 12:00 GMT. Several markets and asset classes are closed or trading at low volumes for this Monday on Veteran’s Day. Saudi Aramco reportedly will only sell around 36 million barrels of contractual supplies for December, against 42 million barrels in November, Reuters reports. Russian officials and business executives have held talks about merging the country’s biggest Oil companies into a single producer, the Wall Street Journal reported. Oil Technical Analysis:…
Filed under: News - @ November 11, 2024 12:26 pm