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Crude Oil Holds Around $81 A Barrel

Published 10/28/2014, 05:24 AM
Updated 07/09/2023, 06:31 AM

Crude oil prices stabilized around $81 per barrel on Monday after last week’s recovery excluding Friday.

Last week’s recovery was somehow positive but did not express a genuine recovery, in light of news that Saudi Arabia – the largest exporter of crude oil within OPEC – will cut its oil supplies.

The news supported oil prices but on temporary basis, not to mention releasing the negative U.S. data last week that showed high jobless claims data last week ending on 18 th of October reaching 283 thousand job, higher than expectations.

Based on the facts above, and the rising U.S. crude oil inventories according to last week’s data, negative pressure is applied on oil prices while weakness in global demand continued weighing on the price.

Financial markets are waiting for the U.S. data today which could boost oil prices if it confirmed the recent improvement of the U.S. economy performance.

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