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31FX Blog

Crude Oil Trending Lower

Brent crude oil price went down today at $60.63 dollars per barrel and had a 0.29 dollar movement.

WTI price went down as well at $54.79 dollars per barrel and had a 0.8 dollar movement.

BRENT CRUDE OIL
WTI

Crude oil prices went down today due to the US Crude oil inventories rose by 5.7 million barrels as the Energy Information Administration (EIA) reported. This is the best time for traders to put their trades on a sell position as the prices is likely to go down.

The EIA also reported that Gasoline inventories had a decrease by 2.5 million barrels for the week ended October 25. Meanwhile, Distillate stockpiles also decreased by 2.4 million barrels last week.

OPEC+ production cut agreement has increased after Russia’s Deputy Energy Minister said that it was too early to talk about deeper output cuts, adding to the pressure on the market.

President Donald Trump and Chinese leader Xi Jinping were scheduled to meet at the Asia-Pacific Economic Cooperation summit next month in Chile to discuss a possible “phase one” deal that the two countries are close to finalizing. However, it has been cancelled due to massive protests, according to Chilean President Sebastian Pinera.

Image result for chile protests on apec summit 2019

“This has been a very difficult decision, a decision that causes us a lot of pain, because we fully understand the importance of APEC and Cop 25 for Chile and for the world,” Piñera said in a brief statement in Santiago. He confirmed that he will not hold summits in November and December.

What’s next:

The FED will release tomorrow the result of the FOMC (rate cuts) and we are also expecting for the result of the NonFarm Payroll on Friday with a forecast of 120K that might affect the oil prices. Previous: 136K


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