U.S. oil production hits 2024 high as prices fluctuate ahead of OPEC+ meeting.

Recently,Foreign exchange mobile platform U.S. crude oil production has risen to its highest level of the year, reaching 13.5 million barrels per day. However, oil prices remain volatile, showing no significant upward or downward movement. Data released by the U.S. Energy Information Administration (EIA) on Wednesday evening indicated that although crude oil inventories have declined, gasoline stocks have accumulated far beyond expectations. This has led the gasoline market to weaken and its crack spread to narrow. Additionally, the number of U.S. oil rigs has fallen to the lowest point in seven months, further signaling a slowdown in U.S. shale oil production to some extent.

Against this backdrop, oil prices remain fluctuating, and market trading volume is gradually decreasing. As the Thanksgiving holiday approaches, investor activity has declined, and market sentiment is becoming more cautious. Over the past two days, oil prices have mostly been in a state of random fluctuation, with the market generally awaiting the outcome of the weekend OPEC+ meeting. It is widely believed that OPEC+ may find it challenging to restore oil production quotas in the near future and instead might extend production cut agreements to stabilize the oil market.

Moreover, sources from OPEC+ member countries indicate that major oil-producing nations such as Saudi Arabia, Russia, and Iraq have preemptively discussed delaying their production increase plans, further enhancing market expectations for the continuation of production cuts. Geopolitical tensions in the Middle East have slightly eased, leaving oil prices without a clear short-term upward driver.

The market will further evaluate the trajectory of oil prices and the next production decisions following the OPEC+ meeting on Sunday. Investors should be attentive to the pace of the oil market and participate cautiously in the current market fluctuations.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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