Crude Awakening: OPEC, Russia, and the Slippery Slope of Oil Prices

https://www.instagram.com/vanessaclarkipaiThis is your Daily Crude Oil Price Tracker with Vanessa Clark podcast.Hello everyone and welcome to the Daily Crude Oil Price Tracker. I’m Vanessa Clark, and today I’m bringing you the latest on crude oil prices, what’s moving the market, and what you need to know if you’re watching the energy sector.Right now, Brent crude oil is trading at about sixty three dollars and seventy seven cents per barrel. That’s a small increase from yesterday, but it’s still down more than eleven percent compared to this time last year. Over the past month, prices have edged up just under one percent, but the overall trend has been a bit shaky as traders weigh supply and demand concerns.So what’s driving the action? OPEC and its allies have been slowly easing production cuts, adding more oil to the market. In fact, OPEC’s October production hit its highest level in over two years. But at the same time, there are signs that global supply could outpace demand, especially as non-OPEC countries like the US, Brazil, and Guyana ramp up their own output. The International Energy Agency recently forecasted a record surplus for next year, which is putting some downward pressure on prices.On the other side, disruptions in Russia are supporting prices. Ukrainian attacks on Russian refineries and new US and EU sanctions have limited Russia’s ability to export crude. That’s tightening supply a bit, but it’s not enough to offset the broader trend of rising global production.Technical analysts say crude oil is still stuck in a range, bouncing between about fifty six and sixty five dollars. The next big move could depend on whether traders see a real shortage or if inventories keep building.If you’re watching fuel prices at the pump, keep an eye on these global trends. When oil prices stay low, it usually means cheaper gasoline and diesel, but that could change if supply disruptions get worse or demand picks up.Thanks so much for tuning in to the Daily Crude Oil Price Tracker. If you found this helpful, be sure to subscribe and join me again tomorrow for the latest on crude oil prices and what’s shaping the market.For more http://www.quietplease.aiCheck out Vanessa on Instagram https://www.instagram.com/vanessaclarkipaiFor some deals, check out https://amzn.to/4hSgB4rThis content was created in partnership and with the help of Artificial Intelligence AI

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