Growth in crude oil production in the United States further pushed crude prices lower.
In addition, the tendency for the price of oil to become cheaper is from the last one or two months, when it became clear that OPEC+ will not continue with the reduced production. All this has been happening since the beginning of July 2024, a trend that will most likely continue until November. Why until November?
The goal of the ruling Democrats in the United States is to keep the price of fuel low so that the electorate can choose the next candidate for president again from the ranks of the Democratic Party. But we are unlikely to see prices lower than $60-$63.
Source: World-Signals
Trade with the best technical and fundamental analysis
Follow us in Telegram