11.
11.16
17:56

Crude oil prices after a steep rise in the crude oil production sharply under pressure

OPEC today reported an increase in its oil production in October to a record high. This is in stark contrast to the intent of the cartel, to reduce the flow rate. Crude oil prices are today under pressure since the release of the numbers.
The Organization of petroleum exporting countries pumped 33,64 million barrels per day (bpd) in October, 240,000 bpd more than in September. Thus the OPEC figures today are clearly higher than that of the International Energy Agency. Crude light sweet crude recorded USD/barrel and the Brent Crude for the hour on 43,27 - future fell to 44,44 USD/barrel. This corresponds to a decline of more than 3% since yesterday.
This will affect the prices of soybeans on the CBoT, which now but with a minus will end after a volatile trading week.

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