The latest EIA data showed crude stocks fell by 5.187 million barrels last week, while analysts expected a 3.305 million drop. Still, fears about a potential global recession-driven demand downturn continued to hang over the market.
On the supply front, OPEC+ decided to stick to their existing policy of reducing oil output by 2 million barrels a day from November through 2023. Investors were also assessing the impact of the latest sanctions on Russia, including a price cap and a European Union embargo on seaborne imports of Russian oil.
Technically, Crude can witness level of 5400
On the supply front, OPEC+ decided to stick to their existing policy of reducing oil output by 2 million barrels a day from November through 2023. Investors were also assessing the impact of the latest sanctions on Russia, including a price cap and a European Union embargo on seaborne imports of Russian oil.
Technically, Crude can witness level of 5400