USOIL ForecastTVC:USOIL Crude oil futures rose toward $76 per barrel on Friday, cutting the 5% plunge from the prior session that took prices to their lowest since July. CBOE:OVX ended on $40.43 nearly 7 percent lower than its previous session.
Breakthrough 75.63 resistance. Still it is within acceptable deviation range, the short stance is yet too early to be declared over.
API crude inventory scheduled next Tuesday, 11/21. The analysts are not expecting for any significant change in the inventory supply. While OPEC and the IEA both expecting supply tightness in the forth quarter, the downtrend rally won't seem to be make a comeback until any significant mood changing event introduces.
During last PPI, while the market is forecasting a significant slowdown in overall business performance, the key is whether 2023 will be able to meet the expected average 82.6 mb/d, respectively.
