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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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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