Oil Price: does this the graph play a major role in its rise?

 

us crude production eia

Oil price is rising and even an inventory hike did not affect its elevation to the current level this week.

It went down at the early hours on Friday, most probably after the news about an air strike by the US inside Syria, targeting a group of fighters supported by Iran.

Crude oil


Although the attack did not have the potential to trigger off a regional conflict, it affected the market sentiment in Asia in the early hours – hence, the drop in price.

Since its impact died down by Friday evening, the oil price may rise again when the markets are open next week.

One of the main catalysts for the buoyancy in the crude oil markets, in this context, seems to be the forecast by the EIA, the US Energy Information Administration that shows a steady decline in US crude production.

Ban on fracking in Federal lands only makes it more relevant as far as crude oil futures are concerned. The analysts at the OPEC+ may be dissecting this graph as if it was a live specimen in order to read into the crests and troughs of the dashed line.

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