On Thursday, oil futures traded range-bound, following a week of uncertainty marked by rising inventory levels, softer demand, and lingering geopolitical tensions. Brent crude traded near $63.70, witnessing a 0.3% rise, while WTI traded around $59.80 after a 1.5% decline in its previous session. The latest data from the US Energy Information Administration (EIA) revealed Read More…
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Crude oil futures stayed volatile this week as traders weighed US sanctions on Russia’s oil producers against a potential OPEC+ output increase and signs of solid global demand. According to Bloomberg, Russia’s seaborne oil exports slipped from a 30-month top in the week ending 26th October, reducing 70k barrels a day to 3.72 mpd. However, Read More…
The crude oil prices bolstered this week amid the lingering geopolitical fears that could tighten supply. The price of West Texas Intermediate crossed $60 per barrel, while the Brent crude rose to $65, extending gains after the last rally. Following Moscow’s hostility in Ukraine, the US decision to sanction Russia’s major oil exporters, Rosneft and Read More…
Introduction Crude oil futures have jumped 3.35% to $60.46 on Wednesday at the open, posting their biggest daily gain in over two weeks. CL is also up 8.8% since the low on the 20th of October, where the buyers stepped back in after a sharp selloff, and the price bounced from the $56–$57 support zone. Read More…
Introduction Crude oil futures (CL) extended their decline this week, slipping another to $56.37, deepening the bearish move that began earlier in October. This follows the breakdown below the $60.00 support zone that we mentioned in the October 13 analysis. Just what the bears were aiming for has happened as the move below $61 zone Read More…
