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Market News NYMEX crude oil market outlook looks at $79.84

NYMEX crude oil market outlook looks at $79.84

On October 28, international oil prices fell for the second consecutive day, and ICE Brent crude oil prices hit a three-week low. In the context of a sharp increase in net crude oil imports and still sluggish refinery processing, official data shows that US crude oil inventories have unexpectedly increased. The outlook for NYMEX crude oil is $79.84.

Eden
2021-10-28
11581

On Wednesday (October 28), international oil prices fell for the second consecutive day, and ICE Brent crude oil prices hit a three-week low. Official data showed that US crude oil inventories unexpectedly increased. The outlook for NYMEX crude oil is $79.84.

GMT+8 13:47, NYMEX crude oil futures fell 1.17% to US$81.68/barrel; ICE Brent crude oil futures fell 1.19% to US$82.88/barrel. The two cities respectively hit a new low of US$80.58/barrel since October 14 and a new low of US$81.61/barrel since October 7.


The U.S. Energy Information Administration (EIA) announced that as of the week of October 22, crude oil inventories increased by 4.268 million barrels to 430.8 million barrels, much higher than analysts’ estimates of an increase of 2 million barrels.

Commodity analysts at Citi Research said in a research report that the huge increase in inventories occurred under the background of a sharp increase in net crude oil imports and still sluggish refinery processing.

Despite this, US gasoline inventories fell by 1.993 million barrels to 215.8 million barrels last week, the lowest since 2017; inventories at the Cushing Delivery Center in Oklahoma fell by 3.899 million barrels to 27.3 million barrels, as of October 2018 The lowest level since.

On the hourly chart, NYMEX crude oil may be in an adjustment (2) wave that started from $85.41. The market outlook is expected to fall to (1) the 23.6% Fibonacci retracement level of $79.82 and the 38.2% Fibonacci retracement level of 76.37. Dollar. (1)) Wave and (2) wave are both sub-waves of the upward wave ((3)) that started from 61.74 USD.

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