The EIA report shows that the inventory of Cushing crude oil in the key hub of the United States has increased, rising to the highest level since August last year.In addition, the monthly report of the American Petroleum Institute (API) showed that oil shipments in October increased by 4.6% year-on-year to 31 million barrels per day.Oil supply increased by 3.2% in October to 28.8 million barrels per day.Oil production increased by 6.1% in October to 13.1 million barrels per day, a record high, an increase of 53,000 barrels per day sequentially.U.S. oil companies are taking advantage of high oil prices to sell oil quickly, and they may also smell some less optimistic news in the future.
However, it should be noted that the OPEC+ meeting is about to be held on November 26th. The decline in oil prices has increased the pressure on Saudi Arabia, Russia and other OPEC+ members. They may continue to maintain their production reduction plans and even ask other countries besides Saudi Arabia and Russia to join the reduction team.
Oil is now on a downward trend, because of the rapid decline yesterday, it is now rebounding
From a technical point of view, oil prices have returned to near the low point in early July. If they fall again, it will test the low point of the year, but I think the weekly level of 67-70 is not so easy to be broken.
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Observe whether the oil can break through 75-75.2
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Has broken through the 1H resistance
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The volatility is already very small, waiting for next week
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It has been shared today and will be updated later
