The post Crude Oil holds ground around $68 with OPEC report impact already fading appeared on BitcoinEthereumNews.com.

Crude Oil able to hold ground above a floor at $68, though unable to significantly bounce off it.  OPEC’s fourth downside revision for global Crude Oil demand is water under the bridge. The US Dollar Index sees rally stall with some profit-taking at hand. Crude Oil is flat to a touch stronger on Wednesday after an attempt on Tuesday to bounce off a supportive floor level near $68.00. The support came in the form of the monthly OPEC report, in which the Petroleum Exporting conglomerate penciled in a fourth downside revision to its global oil demand outlook for 2025. Markets took it as calling out the obvious, and Crude Oil is facing selling pressure again this Wednesday. The US Dollar Index (DXY), which tracks the performance of the Greenback against six other currencies, is steady after having ticked higher earlier on Wednesday. The main focus is on the Consumer Price Index (CPI) release for October. An uptick in inflation would diminish the possibility of an interest-rate cut in December, just a day after Minneapolis Fed President Neel Kashakari warned markets that the December rate cut is not a given at all.  At the time of writing, Crude Oil (WTI) trades at $68.59 and Brent Crude at $72.32. Oil news and market movers: Chinese refinery faces setback     Crude inventories in the Amsterdam – Rotterdam – Antwerp region rose by 1.1 million barrels in the week ended Nov. 8 to 51.7 million barrels, Genscape data show.  Chinese Cnooc’s Huizhou Phase II refinery halted units on Tuesday due to fluctuating production processes, according to the city’s fire department, Bloomberg reports. The Abadan Oil refinery in Iran has communicated that it has taken measures to keep Oil exports stable under President Donald Trump, Reuters reports.  The American Petroleum Institute will release its weekly figures…

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Filed under: News - @ November 13, 2024 1:23 pm