The fluctuation of crude market was struggling in last trading session. U.S. stock market was also flat. The ending of U.S. government shutdown may become the important time point.
Both UAE energy minister and SA oil minister showed that OPEC had decided to cut oil output by 1.2 million bpd which will have great influence on crude market later. Recently, most OPEC countries have expressed their willingness to maintain market stability. Venezuelan crude outputs will rise to 5 million bpd before 2025, Venezuelan President said. However, United States may impose more sanctions on Venezuela in the future. Now, the fundamental of crude market is complex, which may lead to struggling trend.
According to the data from third party, Iranian crude exports sharply dropped after United States imposed sanctions on Iran’s oil industry. OPEC monthly report will be released on 17th, Jan, 2018. So it is important to focus on the data about OPEC crude outputs and Iranian crude export.
Technically, crude price is struggling around the first resistance. EIA weekly report and OPEC monthly report will be released on Wednesday and Thursday respectively. Crude price may sharply fluctuated at these two time points.