Oil prices are ticking lower early Friday after falling around 1% to their lowest in two weeks on Thursday. This comes as Iran’s top nuclear negotiator stated that talks regarding the 2015 nuclear deal will resume in November with a deal potentially eases sanctions on oil exports. In addition, US crude stocks rose 4.268 million barrels but remain -61.61mb below last year -28.14mb below the five-year average. The large build was due to a jump in imports with refinery rates remaining low. Gasoline stocks drew -5.36mb to their lowest in almost four years. OPEC+ is scheduled to meet next week as 400k barrels per day are set to return.  The market continues to remain bullish trend with today’s range crudeseen between 81.07 – 84.78.

Crude Oil Dec ’21 Daily Chart
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Alexander Turro

Senior Market Strategist
Alex began his career with an IB at the Chicago Board of Trade after graduating with a BA/BS from Indiana University. He then went on to work for a proprietary trading software company before joining RJO Futures as a Market Strategist.
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