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Instrument: OIL
Bullish Preference:
A buy position is envisaged if the price trades above 83.84 with take profit at 84.19
Bearish Preference:
A sell position is envisaged if the price trades below 83.12 with take profit at 82.11
Fundamentals:
No High Impact News today
Comment:
Stronger fuel demand due to a week-long holiday and a fresh batch of oil import quotas boosted China’s crude oil imports by 13.5% year-over-year in October, customs data showed on Tuesday.
China imported 11.53 million barrels per day (bpd) of crude oil last month, slightly up compared to 11.13 million bpd in September, but much higher than in October 2022, when the world’s top crude oil importer was still under strict Covid-related travel restrictions, per Chinese customs data crunched by Reuters.
The so-called Golden Week holiday saw Chinese refiners importing robust volumes of crude in October, too. Gasoline and jet fuel demand surged during the holiday as travelers within mainland China made 4.1% more trips than in the 2019 holiday week, before the pandemic.
Moreover, refiners started using the latest batch of crude oil import quotas allocated by the authorities.
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
