Oil prices are holding steady as of Friday morning and are poised for their sixth consecutive week of gains as the market assess the impact of OPEC+ potentially raising their output production by 400k barrels per day in November and December. This comes as OPEC+ noted an increase in output in the month of September, in large part due to a surprise output increase from Nigeria. Crude stocks rose for the first time in seven weeks, up +4.578 million barrels bringing stocks down to -73.884 million barrels below last year’s levels and -32.079 million barrels below the five-year average. The market continues to remain bullish trend with today’s range seen observed amid yet another higher low between 71.47 – 77.52.

Crude Oil Nov ’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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