We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
This website does not provide services to residents of United States.
Market News U.S. oil closed above the 78 mark for three consecutive days, pay attention to OPEC+’s response to consumer countries’ dumping of reserves

U.S. oil closed above the 78 mark for three consecutive days, pay attention to OPEC+’s response to consumer countries’ dumping of reserves

On November 25, US oil futures fell slightly during the quiet trading during the Thanksgiving holiday, and the settlement price closed at $78.03/barrel, which was slightly higher than $78 for the third consecutive day. Investors are concerned about the response of major oil-producing countries to the emergency release of reserves led by the United States to cool the market. The current oil price performance is relatively cautious. OPEC previously stated that the planned coordinated release of reserves may aggravate the crude oil surplus that is expected to occur early next year.

2021-11-26
7679
On Thursday (November 25), Bursa oil futures fell slightly by US$0.03, with a settlement price of US$82.22/barrel. The OPEC+ alliance formed by OPEC and its allies, including Russia, will meet on December 1-2 to formulate policies. The market is currently focusing on the alliance’s response to the release of oil reserves by consumer countries, and crude oil prices have been relatively cautious.

The U.S. Department of Energy stated that it has begun auctioning a total of 32 million barrels of crude oil released from the four strategic petroleum reserve (SPR) pools, which will be delivered between the end of December and April 2022. The Department of Energy will announce the sale of up to 18 million barrels of SPR crude oil as early as December 17.

Following US President Biden’s call for response to rising energy prices, crude oil prices have fallen in the past month, but prices rose once the iconic plan announced on Tuesday fell short of expectations. The International Energy Agency (IEA) accused Saudi Arabia, Russia and other major energy producers of creating "artificial tension" in the global oil and gas market and urged OPEC+ to speed up the restoration of supply.

Lipow Oil Associates President Andrew Lipow said, considering that the United States is in the holiday season and trading is thin, I think the market is digesting the release of reserves announced by major consumer countries and would like to know how OPEC+ will react. As the specific release time is still uncertain, trading lacks a clear direction.

OPEC's advisory body, the Economic Commission Board, predicts that the release of reserves in the United States will lead to an increase of 1.1 million barrels per day of oversupply in the oil market, which will greatly aggravate the oversupply situation in the global market. The Economic Commission’s forecast adds reasons for member states to lobby for the cancellation of production increases. Some OPEC representatives warned this week that the release of strategic reserves may cause the organization to cancel the increase in production originally scheduled for January.

Three OPEC+ sources said that although the United States and other countries have decided to release crude oil reserves, OPEC+ has not currently discussed a suspension of production increases. OPEC member states, the UAE and Kuwait stated that they fully cooperate with the OPEC+ agreement and have no pre-set position before the meeting next week.

As for how OPEC will react, market forecasts vary. Citigroup said that OPEC+ may maintain its plan to increase production by 400,000 barrels a day in January, because reducing supply will weaken the group’s proposition to provide public goods by stabilizing the oil market. However, ANZ said that the alliance will suspend production increases to provide a buffer against unfavorable factors at the demand level.

Brokerage PVM analyst Tamas Varga said that as the fault line between OPEC+ and major consumer countries becomes more apparent, the actions of these six consumer countries will definitely bring aftershocks.

(U.S. Oil Hour Chart)

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free