Crude Oil Forecast And Technical Analysis Nov 8th
The latest data from the General Administration of Customs showed on Wednesday, China’s October crude oil imports dropped to their lowest monthly level in 13 months, reversing sharply from near a record seen in September.
Despite this, oil markets remain well supported.
This is largely due to an ongoing effort lead by the Organization of the Petroleum Exporting Countries (OPEC) and Russia to withhold supplies in order to prop up prices.
With crude still more than 40 percent up since June, oil-consuming industries that benefited from comparatively low prices are now starting to feel the pinch.
There are deeper fundamentals and I will publish an article about them for premium members.