Crude oil production cuts postponed to December

Mid-term trend of crude oil: After the correction in August, oil prices still did not stop the rise in oil prices.

Saudi Arabia and Russia announced crude oil production cuts in July 2023, originally scheduled for a one-month period, and the latter two extended the additional production cuts twice to the end of September, and this time, another extension by the end of December exceeded market expectations .
The prospect of the U.S. economy avoiding a deep recession helped boost oil demand and prices.

According to the small cycle chart of crude oil, it is in the rising stage. Crude oil is currently running above the key moving average EMA144. It is expected that this moving average will continue to support oil prices and is more likely to continue to be bullish.