Crude remained at $80.35 on NYMEX

Cruise Nov 25, 2021 06:02:31 GMT
Leads´╝ÜOil prices steadied on Nov. 25 as major consuming nations rushed to cool the market by releasing crude from their reserves, but data showed solid U.S. fuel demand. Investors are waiting to see how major oil producers respond. Crude remained at $80.35 on NYMEX.
Oil prices steadied on Thursday as major consumer nations rushed to cool the market with an emergency release of crude from their reserves, but data showed solid US fuel demand. Investors are waiting to see how major oil producers respond. Crude remained at $80.35 on NYMEX. At 14:01 Beijing time, NYMEX crude futures were up 0.05% at 78.43 usd/BBL. ICE Brent crude futures rose 0.18 percent to $81.20 a barrel. "The coordinated release of strategic oil reserves may end up being a short-term political victory for all parties concerned, however we do not expect it to have a lasting impact on oil fundamentals," Fitch analyst Jake Leiby said in a note. Wednesday's data from the US Energy Information Administration showed that gasoline and distillate inventories both fell more than expected, by 1.968 million barrels and 603,000 barrels respectively, suggesting the market needs more crude even as stocks rose. OPEC+ has previously rebuffed calls from big oil consumers, including the United States, to increase production faster, sticking to a policy of 400,000 b/d per month. U.S. oil inventory data suggested that demand for oil products remained healthy, adding fresh pressure to the tight supply and demand picture. All eyes are now on the Organization of the Petroleum Exporting Countries and its partners (OPEC+), who meet next week to discuss oil demand and supply. OPEC+ is not currently discussing a pause in production despite the release of crude oil reserves by the United States and other countries, OPEC+ sources said. "The bold move by crude importers opens the door for OPEC+ to adjust its supply policy downward at its next (meeting) on December 2, 2021," Louise Dickson, analyst at Rystad Energy, said in a commentary. On the daily chart, NYMEX crude oil is in an uptrend (3) starting at $74.76, with overhead resistance looking at 23.6% target at $80.35 and 38.2% target at $83.80. (3) The wave is the sub-wave of the uptrend ((3)) wave that started at $61.74. YouDao interface content :{"requestId":"cc3aa827-3c04-47ac-a7bc-20aa4a01d4a2","errorCode":"113","l":"zh-CHS2EN"}

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