As the IEA Warns of an Oil Supply Glut, Make This 1 Trade Here

Core Viewpoint - December micro WTI crude oil futures are presenting a selling opportunity due to anticipated price weakness, with a current downtrend and slight technical advantage for bears as prices remain above key support levels [1][2]. Group 1: Market Conditions - Global crude oil demand growth is slowing while supplies are increasing, highlighted by a recent OPEC-plus production quota increase [2]. - The International Energy Agency has issued a warning regarding an impending global crude oil supply glut [2]. Group 2: Technical Analysis - A decline in December crude oil futures below the August low of $60.57 would empower bearish sentiment and create a selling opportunity, with a downside price target of $53.00 or lower [3]. - Technical resistance is identified at $64.00, where protective buy stops should be placed [3].