On November 19, U.S. WTI crude oil futures market prices fell sharply to $55.21/barrel, or $1.84, while Brent crude oil futures fell sharply to $60.91/barrel, or $1.53. U.S. WTI crude oil fell 3.2% and closed at its lowest level so far this month.

There are two direct reasons for the shock to the crude oil market and the downward price: first, it is said that OPEC + is likely to support the implementation of the current production restriction plan at the meeting of the organization of Petroleum Exporting Countries and non-organization allies in early December, but will not agree to expand the reduction. On the other hand, analysts currently surveyed by S & P's global Platts energy information estimate that the EIA will forecast in its report on Wednesday an increase of 1.6 million barrels in U.S. crude oil inventories for the week ending November 15. The high expected increase in crude oil inventories is adding to the already bearish market.

According to SunSirs, the current crude oil price is still disturbed by factors such as geography and OPEC + production reduction expectation in the short term. In the medium and long term, the expectation of future global economic slowdown is still a lingering shadow of crude oil. With the slow progress of trade environment improvement, the oil price will continue to bear pressure in the medium and long term.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com .