Oil prices are edging lower this morning as doubts regarding the demand recovery continue to persist well as concerns of increasing supply. OPEC+ are set to increase output this month of nearly an additional 2 million barrels a day, which comes as they lower their global oil demand forecast for the remainder of the year. A monitoring committee of OPEC+ are set to meet next week with Russian Energy Minister noting that he does not expect any decision regarding any further output cuts to be made. In addition, the International Energy Agency (EIA) cut their forecast as well down 140k barrels a day due to expectations of reduced air travel. Prices had been supported this week by data from EIA showing crude, gasoline and inventories all fell. The market remains bullish trend with today’s range seen between 40.08 – 42.91.

Crude Oil Sep ’20 Daily Chart
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Alex 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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