Crude Oil Market Remains in Bearish-to-Neutral Setup

The crude oil market remains in a bearish-to-neutral setup, according to recent charts and data. OPEC has kept November quotas steady, while Gulf exports have recovered to near prewar levels of 23.3 million barrels per day.

US crude inventories continue to rise gradually, with a 922,000-barrel increase last week. WTI and Brent prices remain below their respective seven-month barriers, with the XLE Energy Select Sector SPDR Fund pulling back below 18-year resistance.

The geopolitical conflict between the US and Iran is ongoing, but its impact appears to be capped. Signs of slowing demand are emerging alongside rising US crude inventories and a recovery in Gulf exports.