Analysis of the oil price situation (21 Nov. ’22)

Factors Affecting Price

– pricecrude oilIt was reduced as concerns about limited supply receded. Although the market remains concerned about the recession. and China’s COVID-19 situation, which will put pressure on oil demand The source said that China wants to slow down crude oil imports because it has been found that patients with COVID-19 are increasing in many parts of the country

Baker Hughes Report on the number of US crude oil rigs. For the week ending November 18, 1 platform rose to 623, the highest level since March 2020, while natural gas drilling rigs rose 2 platforms to 623. 157 rigs, with 219 rigs or a 39% increase in total rigs from to compare with the same period last year.

+/- From a survey of economists A Reuters poll revealed that the Federal Reserve (FED) interest rates may rise by less than 0.50% at the December 13-14 policy meeting after four consecutive 0.75% increases as Federal Reserve officials ) voiced support for the Fed to continue raising interest rates to curb inflation .

price of gasoline

Gasoline prices fell less than Dubai crude oil prices. due to rising demand in Asia and the Middle East Singapore benzene inventories fell 2.6% to a six-month low.

diesel price

Diesel prices fell more than Dubai crude oil prices. Supply from China’s exports is expected to increase during November-December However, European demand for diesel during the winter remains high.