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What Explains The Recent Weakness In Oil Prices?

U.S. West Texas Intermediate crude oil futures are trading lower on Friday, putting the market in a position to form a potentially bearish closing price reversal top. This will be the second sign of weakness this week with the first being a change in trend to down on the daily chart.

This week’s weakness isn’t being fueled by a significant shift in the bullish fundamentals, but anytime crude oil supply rises especially five weeks in a row, traders are going to sit up, take notice and reassess the supply/demand situation. Furthermore, renewed concerns over a COVID-surge could also be limiting gains.

US Crude Stocks Rise More than Expected, Cushing Hub Plunges – EIA

U.S. crude stocks rose more than expected in the latest week, the government reported on Wednesday, but inventories at the Cushing, Oklahoma, storage hub dropped sharply again, suggesting markets remain tight due to steady demand and stagnant production, Reuters reported.

Crude inventories rose 4.3 million barrels to 430.8 million barrels the week ending October 22, according to the U.S. Energy Information Administration (EIA). This number was well above the 1.9 million barrels analysts had expected.

U.S. gasoline stocks fell by 2 million barrels in the week to 215.8 million barrels, the lowest since 2017, the EIA said. Distillate stockpiles, which include diesel and heating oil, fell by 432,000 in the week to 125 million barrels.

Renewed COVID-19 Concerns Threaten…

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