CRUDE OIL PRICES OUTLOOK Oil prices soften after Monday’s strong rally. Despite Tuesday’s move, geopolitical tensions in the Middle East create a constructive backdrop for energy markets in the near term. This article looks at oil’s key technical levels to watch in the coming days and weeks. Trade Smarter – Sign up for the DailyFX
Share: WTI crude oil trades with over 0.50% losses after hitting a high of $90.34. Federal Reserve’s decision to hold rates but project higher rates for the next year has snapped WTI’s three-week rally. Oil prices were cushioned by a drop in oil rigs count in the US, along with China’s economic recovery
Share: WTI is strung up near $89.00/bbl after slipping off of recent highs. US crude barrels briefly saw $92.00 in the midweek on continuing supply concerns. Price pressures have eased heading into the weekend, but prices are set to continue rising. West Texas Intermediary (WT) US crude oil is struggling to hold onto
Bank of Canada Deputy Gov. Sharon Kozicki is speaking and says: One of the big drivers in August CPI inflation was energy and gasoline prices. They can be pretty volatile It will take a lot of time to sort through the inflation data, given what’s going on underneath Energy prices on their own, if it’s
Share: Saudi Arabia expected to extend its 1 million bpd output cut into October. Russia agrees with OPEC to cut exports next month. Positive business activity reports from China improve the oil demand outlook. US unemployment rate rises, wage growth slows, potentially pausing interest rate hikes. Western Texas Intermediate (WTI), the US crude
Share: WTI rose near the $82.90 zone, setting a three-day winning streak. Supply crunch fears amid the Hurracain Idalia tractions Oil prices. A stronger USD and the fragile Chinese situation may limit the upside. The West Texas Intermediate (WTI) rose on Wednesday and threatened the $83.00 resistance. What is driving the price upwards
Share: Considering advanced prints from CME Group for crude oil futures markets, open interest increased for the third consecutive session on Monday, now by around 1.4K contracts. Volume, instead, nearly halved from the previous day and dropped by around 431.3K contracts. WTI appears consolidative around $80.00 Price action around WTI gyrated around the
Share: August has marked a significant setback to NOK. Economists at Danske Bank analyze Krone’s outlook. Favouring the topside for the rest of this year The supply side of energy markets is tight. This has been an important pillar in our long-term bullish view on NOK. Meanwhile, with the global growth slowdown continuously
Share: WTI increased more than 1% on Friday and found resistance near $81.30, above the 20-day SMA. US Oil and natural rigs decreased for the sixth week in a row. The USD trading neutral allowed the black gold to gain traction. Chinese financial woes may limit the WTI’s upwards momentum. At the end
Share: US crude oil benchmark, WTI, rises for the third consecutive day, trading at $83.48, up by 0.80%. Oil demand is predicted to grow by 2.25 million bpd in 2024, down from 2024’s 2.44 million bpd, according to OPEC+. Weakness in China’s economy could dent oil demand. Western Texas Intermediate (WTI), the US
