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The Oil Market Continued to Trend Higher on Wednesday Ahead of the OPEC+ Output Policy Meeting

November 30, 2023
Recap:  The oil market continued to trend higher on Wednesday ahead of the OPEC+ output policy meeting on Thursday. The market traded sideways in overnight trading before it continued on its upward trend and breached its previous high of $77.02 as it traded to $77.88 early in the ... Read More
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The Oil Market Was Well Supported By a Weaker Dollar and a Fall in Kazakhstan's Oil Output

November 29, 2023
Recap:  The oil market moved higher, while still remaining within last Wednesday’s trading range from $77.97 to $73.79, ahead of the weekly petroleum stock reports later on Tuesday and Wednesday morning and the OPEC+ meeting on Thursday. The market traded mostly sideways in overn ... Read More
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The Oil Market on Monday Traded Lower and Remained Within Last Wednesday's Trading Range

November 28, 2023
Recap:  The oil market on Monday traded lower and remained within last Wednesday’s trading range as traders awaited this week’s OPEC+ meeting. Last week, the market tumbled when OPEC+ decided to postpone its ministerial meeting until November 30th to iron out differences on produ ... Read More
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The Oil Market Sold Off Sharply on Wednesday After OPEC+ Producers Delayed Their Scheduled Meeting

November 27, 2023
Recap:  The oil market sold off sharply on Wednesday after OPEC+ producers delayed their scheduled meeting from Sunday until November 30th, signaling disunity among the producer group. While the group has delayed meetings before, the long delay indicates the difficulties within t ... Read More
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The oil market on Tuesday consolidated its trading following back to back gains as traders turned cautious ahead of this week

November 22, 2023
Recap: The oil market on Tuesday consolidated its trading following back to back gains as traders turned cautious ahead of this week’s EIA crude stocks report and Sunday’s OPEC+ meeting. The market, which had retraced almost 38% of its move from a high of $88.37 to a low of $72.3 ... Read More
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The oil market continued to retrace last week’s losses on Monday

November 21, 2023
Recap: The oil market continued to retrace last week’s losses on Monday as the market looked ahead to this weekend’s OPEC meeting scheduled for November 26th. The market traded higher in follow through strength seen on Friday after OPEC+ source said that the producer group is set ... Read More
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The Market Fell Almost 5% to a Four Month Low on Concerns Over Demand

November 20, 2023
Recap:  The oil market posted an inside trading day on Friday and settled higher but still posted its fourth consecutive week of losses. The market retraced some of its sharp losses posted on Thursday, when it fell almost 5% to a four month low on concerns over demand. The market ... Read More
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Concerns Over Demand in Light of Some Weak Economic Data

November 17, 2023
Recap:  The oil market on Thursday sold off sharply to its lowest level in four months amid concerns over demand in light of some weak economic data. The oil market, which traded lower on Wednesday on the build in crude stocks, traded sideways in overnight trading and posted a hi ... Read More
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The Oil Market on Wednesday Erased Some of its Recent Gains Following the Larger Than Expected Builds in U.S. Crude Stocks

November 16, 2023
Recap:  The oil market on Wednesday erased some of its recent gains following the larger than expected builds in U.S. crude stocks. The oil market traded to a high of $78.77 in overnight trading amid the news that China’s economic activity grew in October as industrial output inc ... Read More
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The U.S. Dollar Fell on Data Showing Inflation Was Slowing

November 15, 2023
Recap:  The crude market continued on its upward trend on Tuesday, retracing more of last week’s sharp losses after the IEA increased its demand growth forecasts and the U.S. dollar fell on data showing inflation was slowing. The IEA increased its oil demand growth forecasts for ... Read More
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