There is no defined trend in the global oil market, despite the fact that we live in a period of significant developments:
-We are 45 days away from the implementation (January 1)of the IMO rules that would increase the demand for refined oil, as all cargo ships docking in the EU ports would need to cut down their emissions.
-We are 1 month away from the upcoming OPEC meeting (December 11) that would decide on a new production cap or the extension of the currently agreed production cap.
-We are running the 20 day period (it ends on December 5) of the IPO book of Aramco.
Yesterday’s OPEC monthly report included no revision of the outlook.
Macro releases: Today’s economic calendar includes the European inflation and trade balance readings, the US retail sales and the US Capacity Utilization rate.
Disclaimer
The views expressed do not constitute investment or any other advice /recommendation /suggestion and are subject to change. Reliance upon information in this material is at the sole discretion of the reader. Opinions expressed in the report do not represent the opinion of ZuluTrade Social Trading Platform and do not constitute an offer or invitation to anyone to invest or trade.