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Crude Oil Price Jumps Around on OPEC+ and IEA Reports, Data and War Woes

November 16, 2022

Via: DailyFX

Crude oil has had a whippy week so far with industry reports, data and geopolitics all impacting prices.

Earlier in the week, the Organization of Petroleum Exporting Countries (OPEC) cut their demand forecast for the fourth quarter again. They also downgraded their outlook for 2023 and this saw a move lower on Monday.

In the following session, the International Energy Agency (IEA) reported that inventories are at their lowest level since 2004 among developed economies, boosting black gold prices.

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