Oil prices rally continues amid tight supply outlook
Also Read: Week Ahead: US Fed Policy, crude oil prices, FII mood among key market triggers this week as Nifty stares at record-high "This crude price rally doesn't want to stop," said OANDA analyst Edward Moya. “The oil market will likely be tight throughout the winter," reported news agency Reuters. The US continued to witness a fall in its shale oil output.
Top shale-producing regions of the country are witnessing a constant shrink in their output to 9.393 million barrels per day (bpd) in October, the lowest since May 2023, the U.S. Energy Information Administration said on Monday, reported the news agency. That would be a third consecutive monthly fall.
Also Read: Oil prices continue uptrend, traders eye Fed meet The recent estimates of shale oil production have added to the woes of the oil market which is currently under stress because of supply cut. Earlier this month, Saudi Arabia and Russia, as part of the OPEC producer group, extended combined supply cuts of 1.3 million bpd to the end of the year. Also Read: ‘Crude’ impact on economy: $10 rise in Brent widens India's CAD by 0.5%, say analysts as oil sizzles to 10-month high The continuous streak of oil price rise could lead to a price correction in the coming days, believe experts and analysts.
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