UK OIL
According to Bloomberg, the supply of Russian oil in the first week after the price maximum fell by 54%. This happened between December 12-16. Against this background, the price of oil rose in its price of 75 to 83 dollars per barrel. In addition, the price of $75 was the lowest since March of this year. America also showed in reports released last week that strategic oil reserves are at their lowest since 1984. Russia also announced that it would not supply oil to those countries that supported the embargo on Russian oil. But it increased the volume of deliveries to China and India, which are the main partners of Russia. The OPEC+ oil cartel also decided in October to cut production by 2 million barrels per day. From November to the end of 2023. With such factors, in my opinion, in the global perspective, oil prices will rise. Today is US reporting day, and given past reports, America is unlikely to have increased its inventories significantly. In global terms, this year we have seen a drop in oil prices, but recent events can change everything!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.