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Crude Oil Forecast: Monthly OPEC Report in Focus for Brent

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Crude Oil Forecast: Brent in Limbo as OPEC Meeting Draws Near

Nov 14, 2022 | DailyFX
Warren Venketas, Analyst

BRENT CRUDE OIL (LCOC1) TALKING POINTS

  • Attention on OPEC monthly oil report (MOMR) later today.
  • Dollar weakness looks to be fading after CPI aftermath.
  • Rising wedge still in play.

BRENT CRUDE OIL FUNDAMENTAL BACKDROP

Brent crude oil prices remained steady this Monday after pushing higher last week citing declining U.S. inflation. Oil markets will be focused on the monthly OPEC report today with the previous October rendition highlighting slowing global growth, declining demand forecasts and reduced supply. Thus far in 2022, OPEC+ nations as a whole have been undershooting on the production side and according to an OPEC+ delegate may look to adjust quotas once more to accurately reflect capacity.

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