Crude Oil is consolidating at around $68.50 on Thursday after Wednesday’s losses ahead of the decision from OPEC+ meeting that is taking place at the time of writing. OPEC+ members are convening online to discuss a delay of the production
Oil prices are broadly flat on the day, retreating further away from $70, as traders brace for
countries. Market expectations are for at least a delay of three months, so meeting is expected to begin at 11:00 GMT. The overnight Crude stockpile change numbers from the Energy Information Administration were completely different from the numbers seen earlier this week from the American Petroleum Institute . Whereas the API saw a surprise build of 1.232 million barrels, the EIA number came in as a surprise drawdown of 5.073 million barrels.
is unable to overdeliver on market expectations. With several analysts penciling in a delay between three to six months, , a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa. How does inventory data impact the price of WTI Oil The weekly Oil inventory reports published by the American Petroleum Institute and the Energy Information Agency impact the price of WTI Oil.
decides to lower quotas, it can tighten supply, pushing up Oil prices. When
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