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Contact person: Manager Zhang Hunan Weide Investment Promotion, Hunan Weide
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After experiencing a thrilling encounter in the US election, crude oil, which the market thought would plummet, bucked the trend and rose slightly, giving oil prices a chance to breathe. Moreover, today after Trump won the election, crude oil trading volume reached a new high. U.S. crude oil futures hovered at $/barrel, while other commodity prices were higher.
However, oil prices erased early gains after the
monthly energy report was released. The monthly report shows that if OPEC fails to reach an effective production reduction agreement at the Vienna meeting on October 1, global crude oil supply will rise ruthlessly, and oil prices will be repositioned. In addition, although OPEC's annual outlook report and monthly report show that continued low oil prices will effectively promote the growth of global crude oil demand, at the same time, the growth rate of crude oil supply will be even more terrifying.
Fortunately, however, h columnist compiled global supply and demand data and found that even if supply grows faster than demand, the decline in refined oil inventories will provide a buffer opportunity for the oil market. Said that the recently released short-term energy outlook report is very illustrative. Below we will list the important data on supply, demand and crude oil inventories, from which investors can see the future development direction of the oil market.
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