According to Mihir (@RhythmicAnalyst), the support level for crude oil, identified on January 7th, was breached today. This development is significant for traders as it indicates a potential further decline in crude oil prices. The breach of this support level could trigger sell-offs and impact trading strategies in the commodities market. Traders should reassess their positions in light of this technical breakdown.

According to The Kobeissi Letter, OPEC has agreed to increase oil production by 411,000 barrels per day starting in May 2025, which is more than initially expected. This decision is likely to impact oil prices, which The Kobeissi Letter suggests are declining regardless of the production increase. This move could potentially lead to further shifts in global oil market dynamics and influence trading strategies surrounding crude oil futures.

According to The Kobeissi Letter, OPEC has decided to increase its crude oil production by 411,000 barrels per day starting in May 2025, exceeding market expectations. This decision is significant for traders as it could potentially lead to a further decline in oil prices, which are already under pressure. The increase in supply might impact oil futures and related trading strategies.

According to The Kobeissi Letter, approximately 40% of all U.S. imports are sourced from China, Canada, and Mexico, highlighting the significant dependency of the U.S. on these trading partners. Specifically, the auto industry imports $80 billion worth of goods from Canada and Mexico annually, which could impact the supply chain and pricing strategies in the automotive sector. Additionally, the U.S. imports $97 billion in crude oil from Canada each year, influencing energy markets and potentially affecting the cost of energy commodities. Furthermore, $55 billion in phone imports from China underline the dependency on Chinese manufacturing, which could affect the consumer electronics market if trade relations shift. These figures indicate significant trading ties that can shape market dynamics and trading strategies in related sectors.