Crude Oil Futures
Fundamental Analysis

Oil Prices Break Lows, Finish Strong Amid Supply Concerns

On Wednesday, oil prices broke below the previous session’s lows before closing with gains as supply worries continued. Moreover, oil was set to end the month with a 4.5% gain, marking the third consecutive bullish month.  Notably, the oil market has grown tighter due to geopolitical tensions. All meetings to try and pause the Israel-Hamas Read More…

crude oil futures
Technical Analysis Uncategorized

Crude Oil Futures (CL) show continued resilience

Light Crude Oil Futures have been showcasing resilience, marking an upward trajectory after a consolidation phase at a key support level. The weekly chart reveals a rally above the 40-week moving average. The price is trading within the Bollinger Bands, edging closer to the upper band. The RSI on both daily and weekly charts is Read More…

Crude Oil Futures
Fundamental Analysis

Oil Prices Slide Despite Crude Inventory Drawdown, Dovish Fed

Oil prices fell on Wednesday despite a draw in crude inventories and the Fed maintaining its rate-cut outlook. Moreover, investors remained worried about supply disruptions in Russia as the war continued. Oil prices rallied in the previous two sessions due to these supply concerns. Therefore, the pause on Wednesday could have been due to profit-taking. Read More…

Crude oil (CL) futures
Technical Analysis

Crude Oil Futures (CL) Technical Analysis

Crude Oil Weekly Chart The weekly shows significant support around the $67 level, which has been tested multiple times since mid-2021, establishing it as a ‘Huge Support’ zone. The volume profile on the left shows a lot of trading activity around these levels, painting the point of control within that support zone. Bears have not Read More…

Crude Oil Futures
Fundamental Analysis

Oil Prices Spike 3% as Crude Stockpiles Shrink

Oil prices rose almost 3% on Wednesday due to a surprise draw in crude inventories. Moreover, there was a bigger-than-expected decline in US gasoline stocks, indicating robust demand and a looming tightness in the market. US crude inventories (Source: EIA) Notably, economists had expected a 1.3 million barrel increase in crude inventories. However, the Energy Read More…

Crude Oil Futures
Fundamental Analysis

Oil Prices Surge as Powell Clarifies Rate Cut Outlook

Oil prices rose on Wednesday after Powell confirmed expectations of rate cuts this year in the US. Additionally, support for oil came from supply and demand worries. While supply continues to tighten, there are demand worries as China’s economy struggles. During his testimony to Congress, Fed Chair Powell confirmed that there will be rate cuts Read More…