NYMEX crude oil is still looking at $83.84 in the short-term
On November 9, international oil prices remained firm, but resistance to rebound increased. Although the passage of the U.S. Infrastructure Act, Chinese exports and the post-epidemic recovery have all boosted fuel demand prospects, U.S. crude oil inventories are expected to rise for the third consecutive week, which is expected to slow the rise in oil prices. NYMEX crude oil is still looking at $83.84 in the short-term.

On Tuesday (November 9), international oil prices remained firm, but rebound resistance increased. Although the passage of the U.S. Infrastructure Act, Chinese exports and the post-epidemic recovery have all boosted fuel demand prospects, U.S. crude oil inventories are expected to rise for the third consecutive week, which is expected to slow the rise in oil prices. NYMEX crude oil is still looking at $83.84 in the short-term.
GMT+8 13:52, NYMEX crude oil futures rose by 0.06% to US$81.98/barrel; ICE Brent crude oil futures rose by 0.02% to US$83.45/barrel.
US President Biden's long-delayed $1 trillion infrastructure bill was passed in Congress over the weekend, coupled with better-than-expected Chinese export data, all painted a picture of further global economic growth.
Commodity analysts at JPMorgan Chase stated in a report: “Once the large-scale travel starts and the demand for aviation fuel picks up, it will usher in more consumption growth.” The bank also stated that global oil demand has basically recovered in November. 100 million barrels per day before the epidemic.
As major oil-producing countries maintained strict supply discipline in October, crude oil prices rose to a seven-year high, and fuel prices were also rising. The United States may respond to this. Energy Secretary Granholm said on Monday (November 8) that Biden may take measures as early as this week to solve the problem of soaring gasoline prices.
Despite the tightening of the market, the survey shows that US crude oil inventories are expected to rise for the third consecutive week, which may help limit further gains. The American Petroleum Institute (API) and the U.S. Energy Information Administration (EIA) will release weekly inventory data at 5:30 and 23:30 on Wednesday, GMT+8, respectively.
On the daily line, NYMEX crude oil is in an upward (3) wave starting from $78.25, and the global oil market outlook is expected to rise to the 23.6% target of $83.84 and the 38.2% target of $87.29. (3) Wave is a sub-wave of the upward ((3)) wave that started from $61.74.
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