A plethora of bearish factors is driving oil prices lower, with both WTI and Brent set for a third weekly loss in a row. Friday, November 12th, 2021 Whilst crude prices have been relatively range-bound recently, hovering within the $80-85 per barrel range, they are poised to suffer their third weekly decline in a row.
Beyond the backwardation in the futures markets, several trends point towards a further weakening in crude. The Biden Administration is expected to take a decision on further SPR releases in the upcoming days. In addition, demand…Oil Prices Under Pressure As Bearish Factors Mount
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