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11.3.21 11:30_Crude Oil_LONG

Crude Oil Long. Crude Oil Buy Stop. Oil is consolidating. After two strong declines, which together added an eleven percent loss, oil sales are showing signs of stabilization. Last week’s OPEC meeting, at which members and partners agreed not to reduce black gold production, was the trigger. OPEC surprisingly thought ahead. A reduction in oil production would raise its price and at the same time attract new suppliers to the market in the United States, who have so far waited for higher prices to pay off. A higher supply would then have an impact on the fall in the price of oil, which OPEC and its partners do not want. The EIA now expects US production to fall by 160,000 barrels a day in 2021, down 40% from the previous forecast of -290 thousand barrels a day. Wednesday’s API reported an increase in gross oil reserves of 12.8 million barrels. This significantly exceeded the forecast of 800,000. However, investors threw this result over their shoulders and continued their efforts to turn the oil back into positive territory. CA analysts are also waiting for that.

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