These Factors May Influence Oil Prices This Week
This week, the EIA (US Energy Information Administration) Drilling and Productivity Report could impact oil (BNO) (UCO) as well as natural gas prices. OPEC will also announce the Monthly Oil Market report, which could influence oil prices. Sentiment surrounding oil could be important for the S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA).
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Moreover, the IEA (International Energy Agency) Oil Market Report could provide important insights into oil supply-demand dynamics. On a short-term basis, the EIA inventory report is another important factor for oil prices. Similarly, EIA natural gas inventory data may impact natural gas prices.
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