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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (163875)	10/6/2023 7:35:41 PM
From: Goose94	Read Replies (1) of 202704

Crude Oil: US$100 Oil Is Now Firmly Out Of Reach The worst week for crude since March, oil prices have shed $10 per barrel this week, pressurized by the US bond selloff that soured the economic outlook into 2024 and then suffered another blow from this week’s EIA numbers that indicated a steep drop in gasoline demand across the US. With Friday focused on US non-farm payroll data, ICE Brent climbing to triple digits is firmly out of bounds for now, currently hovering at $84 per barrel. Saudi Arabia Sticks to Charted Course Saudi Arabia announced it is sticking with its 1 million b/d production cut until the end of the year 2023, with a press communique issued this week signaling Riyadh would review its decision again next month and may deepen the cut if required. White House Acquiesces on Delayed Oil Auction The Biden administration said it would hold a delayed offshore auction in the Gulf of Mexico on November 8, offering 72.7 million acres on the Outer Continental Shelf, including 6 million acres that the US DoI had initially withdrawn from the lease. Oilprice.com

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