Wednesday we had inventory reports that showed an increase in US oil production combined with the feds hawkish interest rate sentiment which sent prices deep into discount. OPEC did announce they will be cutting oil production while US supply did increase apparently, US production has slowed down the last 18months. I believe next week this will start to reflect in the Crude oil inventory report, if economic data starts lessen it will give us a strong push to the upside amid the rising tension in the middle east (OPEC cuts and Nile attacks).
source:
nasdaq.com/articles/column-rising-us-oil-production-frustrates-opec-cuts:-kemp
source:
nasdaq.com/articles/column-rising-us-oil-production-frustrates-opec-cuts:-kemp
註釋
prices rallying towards our long term target
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