The post Oil holds on to gains ahead of weekly API numbers with risk of another build in stockpile appeared on BitcoinEthereumNews.com.

WTI Oil traders brace for headline risk as OPEC ministers are due to meet this weekend. The US Dollar continues to weaken, supporting commodity prices.  Oil could recover to $84 should more and longer production cuts be announced at the next OPEC+ meeting.  Oil prices are holding flat this Tuesday in a very narrow trading range while nervousness builds ahead of the OPEC+ conference over the weekend. With the meeting due on November 26th, it looks like rumors are spreading in the markets that Saudi Arabia might prolong and broaden its production cut in volume and duration.  Oil refineries are caught in the middle with stock piles rising, triggering less demand, margins becoming thinner and supply wearing thin.  Meanwhile, the US Dollar (USD) keeps printing a fresh two-month low and is at a crucial point in terms of price action in the US Dollar Index (DXY). The DXY price is crossing two very crucial technical moving averages which means that a more substantial downside could come. The Greenback could ease further, for example against the Euro (EUR/USD) to 1.1180, which would mean another 2.5% devaluation for the Greenback.  Crude Oil (WTI) trades at $77.38 per barrel and Brent Oil trades at $81.89 per barrel at the time of writing.  Oil news and market movers: OPEC in focus this week Crude oil futures are trading are seeing volatility drop to a 7-week low as bets for more downturn are soaring in the options markets.  Italy has boosted its oil imports from the US in September to the highest level in over four years. The United States has been ramping up its production in order to fill the gap of the banned Russian supply for the European bloc. Russia has axed its seaborne Crude exports to the lowest since August of this year.…

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Filed under: News - @ November 21, 2023 4:26 pm