Tuesday 18th October 2022
| Bron: ABM financial news
(ABM FN-Dow Jones) Oil prices fell for a third consecutive day on Tuesday.
November crude oil futures closed 3.1% lower at $ 82.82 on the New York Mercantile Exchange on Tuesday.
Crude oil sales pressure continues to build, “said Peter Cardillo of Spartan Capital.
Cardillo highlighted rumors of a possible further sale of crude oil from US strategic oil stocks, which fueled the decline.
“From a technical standpoint, the near-term outlook is worsening and the price of oil may soon drop to around $ 75.”
Weekly stock data coming soon. Economists expect U.S. crude oil inventories to rise by 1.7 million in the weekly EIA publication.
Relations between Saudi Arabia and the United States deteriorated rapidly. On October 5, OPEC, with the Arab kingdom as the de facto leader, announced a cut in daily oil production of 2 million barrels per day.
The administration of US President Joe Biden accused the Saudis of being on Russia’s side and the Saudis reiterated that the Americans had asked for the production cut to be postponed until after the next US elections. According to the Americans, a postponement was requested until the markets calmed down.
Bron: ABM financial news
