CRUDE OIL PRICE OUTLOOK IMPROVES ON OPEC PRODUCTION CUT PROSPECTSCrude oil prices simply spiked on stories that OPEC and its alli
CRUDE OIL PRICE OUTLOOK IMPROVES ON OPEC PRODUCTION CUT PROSPECTS
- Crude oil prices simply spiked on stories that OPEC and its allies are contemplating deeper manufacturing cuts which might be introduced on the oil cartel’s December assembly
- The value of crude oil has remained largely rangebound this yr because the commodity fluctuates in response to grease provide shocks and weak demand as a result of slowing international GDP progress
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- Obtain the DailyFX 4Q-2019 Crude Oil Forecast for complete elementary and technical crude oil value outlook
Crude oil costs skyrocketed over 2% on information that OPEC – the group of petroleum exporting counties – and its allies are debating whether or not to increase and doubtlessly enhance crude oil provide cuts. OPEC+ has already curbed crude oil manufacturing owing largely to protracted slowing international GDP progress that stems largely from the continued US-China commerce warfare uncertainty. Rising recession threat amid sharply deteriorating financial information and weaker global GDP growth outlook has dampened demand for crude oil, which has served as a significant headwind for crude oil costs.
CRUDE OIL PRICE CHART: 1-MINUTE TIME FRAME (OCTOBER 22, 2019 INTRADAY)
Chart created by @RichDvorakFX with TradingView
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