US Stock Market Fall Caused by Stable Crude Oil?

<p>&nbsp;It was reported that oil prices remained stable throughout the Asian trading session yesterday as many investors waited for news on mixed supplies.</p><p><br /></p><p>The OPEC+ association is also discussing production cuts and US crude oil stocks are forecast to rise significantly.</p><p><br /></p><p>Brent crude fell 3 cents (0.04%) to $82.45 a barrel and U.S. crude West Texas Intermediate also fell 1 cent (0.01%) to $77.76 a barrel.</p><p><br /></p><p>Both have fallen for four straight weeks and their prices continued to fall last week amid growing concerns about demand. Investors remain cautious ahead of the OPEC+ meeting scheduled for this Sunday.</p><p><br /></p><p><br /></p><p>They will also discuss deeper supply cuts due to slower global economic growth.</p><p><br /></p><p>Last Monday, OPEC+ reported a 2% increase in both contracts due to their decision to consider additional oil supply cuts at their November 26 meeting.</p><p><br /></p><p>According to ANZ Analysis, they predict OPEC+ will extend or deepen oil supply cuts until 2024. Saudi Arabia and Russia are likely to extend the cuts voluntarily.</p><p><br /></p><p>US crude oil supplies rose by 9.1 million barrels in mid-November. Meanwhile, gasoline and distillate inventories fell by 1.79 million and 3.5 million barrels, respectively, based on US government data on stockpiles to be released on Wednesday.</p>