Oil prices collapsed further on Thursday as traders worried about an oversupply amid reports of another OPEC+ production boost. In parallel, downbeat US employment figures raised concerns about the state of the economy and demand for oil. WTI futures (Source: NYMEX, Bloomberg) Reports on Wednesday revealed that the members of OPEC+ were planning to boost Read More…
Recap from August 15 Analysis In our previous CL analysis, we highlighted: Technical Analysis Trend & Structure CL in the long term is not in a clearly defined trend, the price remains between $63 and $73. There is a symmetrical triangle formation but price has not had a clearly defined break even after attempting to Read More…
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…
