On Tuesday, early Asian businesses found a drop in crude oil prices. The biggest reason for this was the statement of the US President Donald Trump, in which he said that the war ongoing with Iran is still going to end soon. Additionally, despite the ongoing pulls in the Middle East, the market has found signs of better supply conditions
AMERICAN BENCHMARK WEST TEXAS INTERMEDIATE (WTI) CRUDE FUTURES DROPPED 0.6% TO 86.31 DOLLARS PER BARREL. IT ALSO RECORDED A HUGE DROP OF 5% IN CRUDE OIL IN THE PREVIOUS TRADING SESSION
Tram, addressing a press conference in the White House, said that they expect the Iran war to end very soon. However, they also cleaned that naval blockade against Iran will continue to a great extent. Trump further said that the confrontation with Iran on the military front has now been almost over
The Trump’s statement came after the Ahmad meeting with Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani, in which both leaders had elaborated on the Iran crisis. Qatar has been playing the role of a main arbitrator between Washington and Tehran for a long time, although in recent times, efforts have failed to compromise peace
On the other hand, Iranian authorities have ruled out the matter of running any kind of direct interaction with the US. Iran’s Supreme National Security Council Secretary Mohsin Risei said that the US should stop spreading fake news about hypothetical interactions
The struggle is now towards entering the ninth month continuously, and this long strain is continuously under pressure on the movement of the oil along the way of the Hormuz Jaldambamroomad (Strait of Hormuz). In addition, the conflict continued this week between Saudi Arabia and Yemen’s Iran-backed Houthi rebels, thereby intacting the risk of disrupting the supply from the Middle East
Oil supply is scared to be affected even from the rust released between Russia and Ukraine, especially because Kiev is constantly attacking drones and missiles on the Russian Energy Infrastructure
DESPITE THESE MOST GEOPOLITICAL STRAINS, THE DATA MAKES IT CLEAR THAT THE PRODUCTION OF CRUDE OIL AT A GLOBAL LEVEL IS CURED. A RECENT SURVEY OF THE OPAC (OPEC) HAS EMERGED THAT THE OIL PRODUCTION OF THIS CARTEL IN OCTOBER MONTH HAS REACHED 90% OF THE LEVEL BEFORE THE IRAN STRUGGLE BEGAN
According to surveys, the total output of OPAC in October increased by 13.8 million barrels per day to 2.287 crore barrels per day. This production is equal to 90% of the levels recorded before the US-Iran strain profound in February
Market Insights and Data Analysis:
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Conclusions for Raw Oil Traders:
The current time for crude oil traders is quite cautious. On the one hand where the Trump’s statements and the rising supply of the OPAC has made pressure at prices, on the other hand the attacks of the Hormuz Root and Russia-Ukraine may cause a sudden blockage in the supply at any time. In such a trader should keep a close eye on the support level of 85 to 86 dollars and avoid creating an aggressive position without a strict stop-loss