Until recently, market participants were confident that the asset would trade within the range of 62.00–63.00 but information about the protests in Iran due to rising gas prices again provoked volatile fluctuations in quotes of “black gold”.
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In November, “black gold” is trading within a limited price range awaiting news of trade negotiations between the US and China.
Yesterday, oil prices fell after the publication of the US EIA oil stocks report. It rose by 2.22 million barrels, and gasoline stocks rose by 1.86 million, while a decrease of 1.17 million was projected. The market reacts restrained to American statistics, as US shale companies were forced to abandon the constant increase in production in favor of ensuring sufficient profits.
Oil prices showed moderate growth on Wednesday, receiving support from optimistic OPEC statements. Cartel Secretary General Mohammad Barkindo noted that there are no signs of a global recession in the world economy, so an increase in demand is quite possible as economic growth resumes.