Breaking news, OPEC+ may consider cutting production when Iran would return to the market. This is a possibility with the nuclear deal, which has been quite talked about recently. Iran could bring about 1-2 million barrels per day to the market fairly quickly. However, OPEC+ has a lot of room for a potential cut, given the strong production growth from Saudi Arabia or Russia.
Oil is breaking out of a downtrend today and is close to testing the $94-95 area. The breakout of the last local peak could give signals to break out of the downward sequence.
Source: xStation5
Morning wrap (31.10.2025)
Daily Summary: ECB, FOMC and MAG7 - mixed signals and risk aversion
BREAKING: EIA gas inventories change slightly above expectations. NATGAS increase after EIA data 📌
Breaking: Update on Soybean - China to Buy 12 mt Soy This Year