NYMEX crude oil market outlook looks at 74.83 US dollars
On Wednesday (December 21), international oil prices were under pressure, impacted by the bleak demand outlook, the NYMEX crude oil market outlook looked at $74.83. However, U.S. crude oil inventories fell more than expected, and OPEC+ is expected to keep supply tight, slowing down the pace of oil price decline.
At 15:45 Beijing time, NYMEX crude oil futures fell 0.31% to $75.99/barrel; ICE Brent crude futures fell 0.43% to $80.18/barrel.
Data released overnight by the American Petroleum Institute (API) said U.S. crude inventories fell by 3.069 million barrels in the week ended December 16, while analysts had expected inventories to fall by only 167,000 barrels. Gasoline inventories and distillate inventories increased by 4.511 million barrels and 828,000 barrels, respectively.
“The larger-than-expected decline in oil inventories is a positive, as the supply deficit may worsen once more amid the backdrop of the U.S. replenishing its strategic oil reserves,” said Tina Teng, an analyst at CMC Markets.
Meanwhile, Saudi Energy Minister Prince Abdulaziz bin Salman said in an interview with the Saudi state news agency that OPEC+ members exclude politics from the decision-making process and from their assessments and decisions. outside the forecast.
The minister added that while OPEC+’s decision to cut oil production was heavily criticized, it turned out to be the right decision to support market and industry stability. The comments suggest that OPEC+ is likely to keep supply tight to support oil prices.
On the hourly chart, NYMEX crude oil prices are hovering around $75.97, which is the 23.6% Fibonacci retracement of the $70.10-$77.76 range. If it is confirmed that the price is lost, oil prices may drop to the 38.2% Fibonacci retracement level of the above-mentioned range at $74.83.
