

On Thursday, international oil prices closed down, with the U.S. and Blanc both falling by more than 1.5%. As of the close, New York's January crude oil futures closed down $0.72, or 1.58%, to $44.99 per barrel. Brent's February crude oil futures closed down $0.76, down 1.57%, at $47.77 per barrel.
Related reports:
Russian Central Bank said OPEC + may postpone the production increase plan
Russian Central Bank said on Thursday that due to the deterioration of the global economic recovery prospects and the corresponding deterioration of oil demand are putting pressure on the oil market, under such an environment, OPEC may postpone the oil production increase plan starting from 2021. (Source: Interface News)
Although EIA crude oil inventories unexpectedly decline, crude oil bulls still need a clearer signal.
On Thursday (November 26), the U.S. crude oil inventories unexpectedly fell last week, causing the previous upward momentum due to the expectation that the new crown vaccine will boost fuel demand. OPEC+ is still inclined to postpone the production increase plan at next week's semi-annual meeting when oil prices are rising. Positive factors in oil price fundamentals still exist, but the market has a certain short selling and profit-taking sell-off at highs. (Source: Huitong.com)
Institutional forecast: Oil prices rise in 2021, oil inventories decrease
At present, the general consensus among analysts and institutions is that oil prices will indeed rise in 2021, because as global economy and oil demand recover, above-average inventories will decrease. Several bullish signals in recent weeks have made oil market participants and analysts more optimistic about oil markets next year, although the second wave of COVID-19 infections is sweeping the United States, Europe and the world's largest oil consumer. (Source: Today's Oil Price)
(Article Source: Oriental Fortune Research Center)
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