WTI oil price falls close to $77, profit-taking drags down the market

WTI crude futures fell near the $77 level today. While investors send orders to sell and take profit. After the price rose yesterday

At 8:52 p.m. Thai time, the West Texas Crude Oil Contract (WTI) will be delivered in December. which was traded on the NYMEX market, minus $0.68, or 0.87%, to $77.15/barrel.

WTI oil prices closed up more than 2% yesterday, supported by expectations that Organization of the Petroleum Exporting Countries (OPEC) and allied nations or OPEC Plus Will reduce oil production capacity to stimulate market prices.

A source from OPEC revealed that The OPEC+ meeting on Nov. 26 will consider further production cuts. After OPEC+ previously agreed to reduce production by a total of 3.66 million barrels/day until the end of 2024.

Oil prices have fallen for 4 consecutive weeks. amid concerns about market demand Meanwhile, investors think that the war between Israel and Hamas will not spread outside the region.

Moreover, oil prices have collapsed nearly 20% since September. As a result, the market enters a contango situation where the price of oil in the forward delivery market rises higher than the price in the spot market. and indicates a large amount of oil in the market.

Investors will be keeping an eye on the American Petroleum Institute’s (API) crude oil inventory release today ahead of the U.S. Energy Information Administration’s (EIA) release tomorrow.