HERE ARE SOME KEY NOTES !
FUNDMENATLY SPEAKING!
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=he OPEC+ group complied 101 percent with the oil production cuts in October, keeping a high level of conformity ahead of the crucial meetings over the next two weeks, which will decide if the alliance will reverse course on easing the cuts given the worsening demand outlook.
The compliance last month has been estimated at 101 percent, three sources at OPEC+ told Reuters on Friday.
This assessment is subject to official review by the Joint Technical Committee (JTC) of OPEC+, which is meeting on Monday, November 16,
a day before the monthly meeting of the Joint Ministerial Monitoring Committee (JMMC) scheduled for Tuesday.
TECHNICALLY SPEAKING
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The WTI Crude Oil market of course rallied right along with the news of the vaccine trials that looks to be so effective. At this point, traders started to buy anything risk related on Monday, but ran into a world of reality on Tuesday. Coronavirus numbers are starting to pick up again and therefore demand is going to continue to be very weak when it comes to energy. Crude oil of course needs a functioning economy to drive demand, and with large parts of the world starting to slow back down, it does make sense that we drift lower. Having said that,
I do not know that we are ready to break out of the range either way.
FUNDMENATLY SPEAKING!
======
=he OPEC+ group complied 101 percent with the oil production cuts in October, keeping a high level of conformity ahead of the crucial meetings over the next two weeks, which will decide if the alliance will reverse course on easing the cuts given the worsening demand outlook.
The compliance last month has been estimated at 101 percent, three sources at OPEC+ told Reuters on Friday.
This assessment is subject to official review by the Joint Technical Committee (JTC) of OPEC+, which is meeting on Monday, November 16,
a day before the monthly meeting of the Joint Ministerial Monitoring Committee (JMMC) scheduled for Tuesday.
TECHNICALLY SPEAKING
====
The WTI Crude Oil market of course rallied right along with the news of the vaccine trials that looks to be so effective. At this point, traders started to buy anything risk related on Monday, but ran into a world of reality on Tuesday. Coronavirus numbers are starting to pick up again and therefore demand is going to continue to be very weak when it comes to energy. Crude oil of course needs a functioning economy to drive demand, and with large parts of the world starting to slow back down, it does make sense that we drift lower. Having said that,
I do not know that we are ready to break out of the range either way.
