Core Viewpoint - December micro WTI crude oil futures are presenting a selling opportunity due to recent price weakness and bearish momentum following a selloff from a seven-week high [1][2]. Group 1: Market Analysis - Analysts forecast a global crude oil glut in the coming months, with one firm predicting prices could drop to the $50-a-barrel range due to "punishing oversupply" as output increases [2]. - Macquarie Group analysts maintain a fundamentally bearish outlook on the energy sector, attributing this to crude-supply growth from OPEC-plus and non-OPEC drillers [2]. - The International Energy Agency projects that world oil output will exceed consumption by an average of 3.33 million barrels per day by 2026, indicating a significant historical overhang in annual terms [2]. Group 2: Technical Analysis - A decline in December crude oil futures below the August low of $60.57 would empower bearish traders and create a selling opportunity, with a downside price objective of $53.00 or lower [3]. - Technical resistance is identified at $64.00, where protective buy stops should be placed [3].

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].