WTI bears are taking on commitments below $74.00 as bulls run for cover – by fx_ross Oil WTI Commodities DollarIndex
by 0.2-million barrels after expecting a drop of 0.3-million barrels in its November release. The EIA also trimmed its forecast for the average price of Brent crude oil next year to US$92.00, down from its November estimate of US$95.00 on the expectation of a recession in the US.
Meanwhile, the agency took into account the European Union's ban on seaborne Russian oil imports and the US$60 price cap on Russian crude that came into effect at the start of this week following a decision made on Friday. The cap is expected to tighten supply as Russia looks for alternative buyers., that favoured the upside of the market so long as the price remained on the back side of the counter trendline, acknowledged a break below $76.
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