Crude oil prices: Demand-supply dynamics not favourable for immediate recovery

Despite the ongoing output cut by Saudi Arabia and other members of OPEC plus countries, oil output from the cartel has risen for the third straight month in October. This was due to increased production from Nigeria and Angola. Small members in the group have also contributed by managing to overcome factors affecting output and supply. As per the Reuters report, the group pumped 27.90 million bpd in September, with an increase of 180,000 barrels per day.

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