Oil prices fell on Thursday as market participants anticipated a looming drop in demand with the end of the US driving season. However, optimism supported prices in the previous session after data revealed a significant draw in US crude oil inventories. Brent monthly performance (Source: ICE, Bloomberg) Oil was heading for a monthly drop on Read More…
Crude oil prices gained momentum on Thursday, weighed down by steep losses in the previous trading sessions but supported by a steeper-than-expected decline in US crude inventories, indicating strong demand in the world’s largest oil consumer. Brent crude futures added 85 cents, or 1.28%, to 67.00 a barrel, and West Texas Intermediate (WTI) added 33 Read More…
Introduction Crude oil is down 4% for the month and 10% for the year, and the technicals for now are signalling to sell. Price has bounced off the S2 level at 62.31 with a bullish engulfing, which bulls are hopeful for prices to move higher. Technical analysis The resistance at $68 is the first major Read More…
Oil prices held steady on Thursday as market participants looked forward to the meeting between Trump and Putin in Alaska. At the same time, a surge in Fed rate cut bets has boosted optimism about a stronger economy and robust oil demand. However, there is downward pressure from weak demand and prospects of increased oil Read More…
Technical Overview Trend and Structure Momentum & Volatility Key Technical Levels Level Type Description 68.50 Pivot (P) Prior rejection level, key resistance 66.61 50DMA Broken support turned resistance 62.31 S2 First strong support test 59.94 S3 Critical downside level 71.62 R1 Bullish breakout reclaim level Probability Table Scenario Estimated Probability Commentary Continuation lower to test Read More…
Crude oil markets are currently facing a tug-of-war as signs of demand are clashing with rising supply, all underscored by geopolitical risks. At the time of writing, Brent crude trades around mid-$60 while WTI remains steady near $62. Broader economic uncertainties OPEC+ output hikes continue to pressure the oil prices. On the supply side, OPEC+ Read More…
