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OPEC+ Considers Production Cuts, Oil Prices May Rise Sharply?

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The U.S. dollar weakened on expectations that the U.S. Federal Reserve would slow the pace of interest rate hikes. Meanwhile, U.S. API data earlier that showed a drop in crude inventories last week, coupled with the prospect of OPEC+ production cuts, as well as escalating geopolitical tensions between Russia and Ukraine, oil prices soars. Pay attention to today’s EIA crude oil inventory data and the results of the OPEC+ meeting. If OPEC+ does cut production and EIA shows a further decline, oil prices may continue its bullish trend.

The trend of USOil can be paid attention to…

-Latest news on the Russian-Ukrainian war
OPEC+ meeting
-20:15 US ADP Employment (Sept)
-21:45 US Markit Service PMI final value (Sept)
-22:00 US ISM Non-Manufacturing PMI (Sept)
-22:30 US EIA Crude Oil Inventories for the week ending 9/30
-20:30 US Unemployment Claims for the week ending 10/1
-20:30 US Unemployment Rate (Sept)
-20:30 US Non-Farm Payroll (Sept)
Which will affect USOil trends, and investors must grasp the opportunity of making orders.
Daily Focus allows you to understand the USOil market, increase profit opportunities, and immediately seize the opportunity!!
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Disclaimer: Information above can only be use for references and doesn’t represent our platform’s opinions.

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