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Crude Rises At End Of A Soft Week, Demand Worries Market Focus

OIL

Oil prices rose over 2% on Friday to finish a week that saw them fall sharply as demand concerns drove markets with the war premium unwound as the conflict in Israel/Gaza seems contained. Weak manufacturing activity is expected to continue to weigh on demand into 2024. OPEC+ cuts are likely to be extended into next year due to the weak demand outlook while the Saudi energy minister said that recent price moves were due to speculators. An observation that has previously preceded output cuts. The USD index fell 0.1%.

  • Brent rose 2.1% to close at $81.70/bbl. It broke through $82 briefly on Friday to make a high of $82.06, close to resistance of $82.20. It was down 3.8% on the week with a trough of $79.20 on Wednesday, which is now where support lies.
  • WTI is up 2.1% to $77.35/bbl following an intraday high of $77.73. It fell 3.9% last week to be down 4.5% in November to date. Resistance is at $80.20 and support at $74.91, November 8 low.
  • According to Platts, OPEC+ output rose 180kbd on the month for October driven by Iran and Iraq. Production subject to quotas was up 70kbd in October according to Argus estimates, showing not all members are abiding by their quotas.
Energy BulletsCommodities
Energy BulletsCommodities

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