NYMEX crude oil looks at $83.84 in the market outlook

On Monday (November 8), international oil prices continued their rebound on Friday (November 5). Prior to this, Saudi Arabia’s National Petroleum Corporation-Saudi Aramco-increased its official crude oil price, indicating that demand remains strong despite tight supply. The outlook for NYMEX crude oil is $83.84.

At GMT+8 14:00, NYMEX crude oil futures rose 1.17% to US$82.22/barrel; ICE Brent crude oil futures rose 1.08% to US$83.63/barrel.


Saudi Aramco increased its December official price of Arabian Light Crude Oil in Asia to a premium of US$2.70 per barrel compared with Oman/Dubai crude oil late last Friday, which is a US$1.40 premium from this month’s price.

A report from the Research Department of ANZ Bank stated that Saudi Aramco’s move indicated that “demand remains strong” because the Organization of Petroleum Exporting Countries and its partners (OPEC+) agreed last week to maintain an increase in crude oil production by 400,000 starting from December. Barrel/day plan.

US President Biden has called for OPEC+ to increase production to curb price increases. He also stated on Saturday (November 6) that the US government has "other ways" to deal with rising oil prices.

China's oil imports fell to a three-year low in October because large state-owned refineries suspended purchases due to rising oil prices, while independent refineries were subject to import quota restrictions.

On the daily line, NYMEX crude oil is in an upward (3) wave starting from $78.25, and the 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.