Crude Oil dips slightly on Friday but remains within the tight range it has been trading in the past four days.
Crude Oil is stuck in a tight range while the $71 level gets broken up. Traders digest Donald Trump’s victory, while concerns about Chinese demand are reemerging. The US Dollar Index seems to have found a floor after Fed Chairman Powell said he is committed to finishing his term.
, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa. How does inventory data impact the price of WTI Oil The weekly Oil inventory reports published by the American Petroleum Institute and the Energy Information Agency impact the price of WTI Oil.
is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When increases production, it has the opposite effect.
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