30 November 2022 | Other

Oil rises due to U.S. crude stocks shrink

Oil prices rose in early Asian trading on Wednesday, driven by a decline in U.S. crude stocks. However, concerns that OPEC+ will leave its production policy unchanged at its upcoming meeting acted as a constraint on oil prices.

The U.S. Energy Information Administration will release official data on oil inventories at 3:30 p.m. GMT on Wednesday.

In addition, market participants are keeping a close eye on OPEC+'s upcoming meeting on Dec. 4.

According to five OPEC+ sources, oil production policy is likely to remain unchanged at Sunday's meeting. However, two sources said additional production cuts are likely to be considered.

The group's meeting comes at a time when slowing economic growth and closure of the Chinese market because of COVID-19  are reducing demand for oil, and the looming European Union ban on Russian oil imports and G7 price caps on Russian oil question the volume of supply.

Company MarketCheese
Period: 24.09.2025 Expectation: 1500 pips
USDCAD is set to fall ahead of interest rate decisions
Today at 10:57 AM 2
Period: 23.09.2025 Expectation: 500 pips
NVIDIA shares approach gap closure at $170.50
Today at 10:26 AM 5
Period: 31.12.2025 Expectation: 200 pips
Buying NVIDIA shares with $195 in view
Today at 08:54 AM 3
Period: 24.09.2025 Expectation: 1300 pips
EURUSD is expected to correct after Fed announces rate decision
Today at 07:14 AM 17
Period: 23.09.2025 Expectation: 3000 pips
Buying Bitcoin with $118,800 target amid consolidation
Yesterday at 10:53 AM 174
Period: 22.09.2025 Expectation: 300 pips
AUDUSD rises to new highs within ascending channel
Yesterday at 09:16 AM 183
Go to forecasts