Oil prices hover around $70 per barrel after a significant drawdown in US API crude stockpiles. However, Kazakhstan's plan to boost oil output in 2025, exceeding OPEC+ limits, introduces bearish sentiment. The US Dollar Index remains steady ahead of the last Fed meeting of 2024, with a 25 basis point rate cut anticipated.
Oil prices are trading back around $70.00 after a surprise drawdown in US API data. Kazakhstan is set to raise Oil output next year, according to Bloomberg. The US Dollar Index trades around 107.00 ahead of the last Fed meeting of 2024. Crude Oil trades slightly up on Wednesday at around the $70 round level amid recent headlines that provide both headwinds and tailwinds.
+ production limitation agreement, Bloomberg reports. The Energy Information Administration is set to release around 15:30 GMT the weekly Crude stockpile change numbers. Expectations are for a drawdown of 1.7 million barrels against last week’s decline of 1.425 million barrels. Pricing of key Middle Eastern grades is rising, according to traders dealing with the typically higher-sulfur, or sour, Oil from the region.
influence the price of WTI Oil? decides to lower quotas, it can tighten supply, pushing up Oil prices. When
Oil Prices Crude Oil Kazakhstan OPEC US Dollar Index Fed Meeting
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