CRUDE OIL - Entering Sideways Mode ✔️✔️

5 ott 2023

Previously at FxProfessor:

✔️Perfect Long:

✔️Perfect Short:

News:
Oil continues to tumble after previous session's slide

Here's the scoop:

📉 Prices took a tumble, with Brent crude down $1.19 to $84.62 a barrel and WTI crude dropping $1.31 to $82.91. Ouch!

📉 Yesterday, we saw a massive $5 drop, the biggest in over a year. The reason? A gloomier economic outlook and concerns about dwindling fuel demand after an OPEC+ meeting.

🛢️ OPEC+ decided to stick to its oil output policy. Saudi Arabia's holding onto a 1 million bpd cut until the end of 2023, and Russia's keeping a 300,000 bpd curb until December. No rush to boost supply, it seems.

🛢️ Russia also said, "No hurry" to lift the ban on fuel exports to tackle high local gasoline and diesel prices.

📉 National Australia Bank analysts are staying cautious, saying the market's still in deficit this quarter. Softening prices may mean OPEC won't ease supply restrictions anytime soon.

💶 On the flip side, the euro zone's facing economic challenges, with demand dropping in September due to rising borrowing costs and prices.

🇺🇸 In the U.S., gasoline demand hit a low not seen since the start of the year, coming in at 8 million bpd, according to the EIA.

📈 With all this uncertainty and weaker U.S. economic data, oil bulls might have a tough time pushing prices higher.

📊 Keep an eye on the market, and as always, trade wisely!

One Love,
The FXPROFESSOR 💙