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Instrument: OIL
Bullish Preference:
A buy position is envisaged if the price trades above 85.77 with take profit at 86.10
Bearish Preference:
A sell position is envisaged if the price trades below 85.02 with take profit at 84.71
Fundamentals:
3:30 pm US Natural Gas Storage
Comment:
OPEC’s crude oil production last month remained relatively unchanged from September as modest gains among African member states were offset by lower output elsewhere, a survey conducted by Bloomberg has shown.
Per the survey, OPEC produced 28.08 million barrels of crude daily in October, some 50,000 bpd more than in September.
Nigeria boosted its production the most, with Angola, Gabon, Equatorial Guinea, and Congo also pumping more in October. Still, lower production in other members of the group resulted in the modest net increase mentioned above.
Meanwhile, a separate OPEC output survey conducted by Reuters showed a more significant increase in the group’s crude oil production for October.
According to that survey, OPEC nations produced 180,000 bpd more than in the previous month. The total for October, however, was lower than the figure calculated by Bloomberg, at 27.9 million bpd.
In that survey, it was Nigeria again that led the production boost, along with Angola, Iran, and Iraq, Reuters reported on Wednesday. Iran’s oil production hit 3.17 million barrels daily in October, per the survey, which was the highest since 2018.
Analysis: SCRUM Team
