Crude Oil Forecast And Technical Analysis October 26th
The crude oil price fell in Asia on Thursday as weekly data confirmed a surprise build in U.S. inventories and investors mulled demand prospects globally.
On the New York Mercantile Exchange crude futures for December delivery eased 0.10% to $52.13 a barrel, while on London’s Intercontinental Exchange, Brent dipped 0.02% to $58.41 a barrel.
China, the world’s second-largest crude importer, unveiled its leadership team on Wednesday and signalled it aims to improve quality of life and trim back rapid export-oriented industrialization in favour of domestic consumption. The switch, expected to accelerate in the next five years in China has potentially negative implications for crude oil demand.
Overnight, crude oil prices settled lower on Wednesday as rising crude supplies and a surge in U.S. production offset data showing gasoline supplies fell more-than-expected.
Crude oil prices fell for the first time in three days as concerns over a surge in US production weighed on upside momentum while a mixed report from the Energy Information Administration (EIA) showing crude stockpiles rose for the first time in five weeks and gasoline supplies fell more-than-expected failed to lift sentiment.