Crude oil futures gained about 1.2% by supportive buyers around the previous Quarter’s upper value extreme or VAH close level. The market is quite rotational on the hourly, hence traders might simply leaning on the extreme of the balanced price range to conclude their scenarios. The price is supported by tight supplies and strong demand ahead of next week’s OPEC+ meeting which will discuss boosting production by 400,000 bpd or more in November and December.
Meanwhile, Crude Oil Rigs in the United States increased to 428 in October which might lead to higher production and lower oil prices as the higher dollar pressures as well. However, inflation might pressure the dollar and may try to lift the oil prices higher as a bullish factor for commodities.
Comments
Log in or sign up to join the conversation.