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Where Oil Prices Could Head this Week

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US crude oil

Between November 10 and November 17, US crude oil (USO)(USL) January futures fell 0.5%—the first weekly loss in the last six weeks. On November 17, US crude oil active futures closed at $56.71 per barrel.

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Where could oil prices head this week?

This week, oil prices could be sensitive to the news surrounding the OPEC meeting scheduled for November 30. In the last part of this series, we’ll discuss a few important events that could impact oil prices this week.

However, record high weekly US crude oil production is a bearish catalyst for oil prices. Moreover, the high chances that the US oil rig count, which was unchanged at 738 last week, may see upside in the coming days. So, these factors could drag US crude oil prices.

In the week ended November 17, the S&P 500 Index (SPY) and the Dow Jones Industrial Average Index (DIA) fell 0.1% and 0.3%. In the next part of this series, we’ll discuss equity indexes.

Natural gas

Between November 10 and November 17, natural gas (UNG)(BOIL) December futures fell 3.6%. On November 17, natural gas active futures closed at $3.1 per MMBtu (million British thermal units). The earliest winter withdrawal in natural gas inventories since 2015 couldn’t help natural gas prices rise last week, but forecasts for cooler temperatures may provide some upside to natural gas prices this week.

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