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The price of oil signals a bearish outlook

In the course of the Thursday trading day of November 23, 2023, oil prices on the world commodity market initially fell by 1% of their previous daily price, and during the European morning and early morning, this loss did not deepen for the time being and was slightly reduced. However, the current business trend of commodity oil trades indicates a bearish market trend, and according to the communication of economic correspondents in connection with analysts of brokerage companies and financial strategists of the commodity market, a continued bearish outlook for oil prices can be expected.

Currently, during the European Thursday morning on November 23, 2023, at approximately 8:59 CET, the light American crude oil WTI (West Texas Intermediate) was traded on the commodity market NYMEX (New York Mercantile Exchange) at a value of 76.62 USD per barrel with a daily decrease of -0.62% of its price so far. According to technical analysis data, this current price thus represents a total annual growth of +1.16% of its price over the last 52 weeks, but in a comparison of the price since the beginning of this year 2023, the price of WTI oil already shows a small loss of -0.13% of its price in compared to the price at the end of last year 2022. This price was reached in a situation when the exchange value of the US dollar (USD) showed a decrease and according to the dollar index DXY (US Dollar Currency Index) the value of the USD was at a point level of 103.62 USD points with a daily drop of -0.29% of the point value so far according to this index, which compares the value of the USD with the other six major world currencies.

The European counterpart of WTI oil, i.e. Brent North Sea oil, traded on the ICE (Intercontinental Exchange Europe) commodity market at a value of USD 81.33 per barrel on the indicated day and time, with a daily decrease of -0.77% of its price so far. This current price thus represents, according to technical analysis data, a total small annual loss of -0.28% of the price for the last 52 weeks, of which the amount of the loss since the beginning of this year 2023 is -0.36% of the price compared to the price in at the end of last year, 2022. This price was reached in a situation where the exchange value of the single European currency, the euro (EUR), against the US dollar, as the central currency of the global commodity market, was strengthening. Currently, during the European morning of Thursday 23/11/2023, at approximately 9:11 CET, this global currency pair EUR/USD was traded in the forex operations of the foreign exchange market at a mutual exchange rate at a value of 1.0911 USD per EUR with the previous daily strengthening the EUR by +0.19% against the USD.

Oil prices on the global commodity market fell about 1% in early trading on Thursday, November 23, 2023, extending losses from the previous session after OPEC+ postponed a ministerial meeting, prompting views that producers could cut output less than expected. previously expected. Producers have been trying to agree on production levels and thus a possible cut ahead of a meeting originally set for Nov. 26, OPEC+ sources said. However, three OPEC+ sources said it was linked to African countries, which are smaller producers in the group, easing investor concerns. The questions about the OPEC+ supply come as data showed US crude inventories jumped by 8.7 million barrels last week, much more than analysts had expected, as their estimates had called for a rise of 1.16 million barrels. According to analysts of brokerage companies in connection with the financial strategists of the commodity market, in the short-term investment horizon, an oil price range of 70 to 80 USD per barrel can be assumed in the case of WTI oil and about 5 USD per barrel more in the case of Brent oil.

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