All articles tagged with #wti
Oil prices edged higher mid-day as traders priced in Middle East risk from renewed Iran unrest and policy uncertainty in Washington, including tariff talk and Fed remarks. WTI hovered around $61.10 per barrel and Brent near $65.41, up about 2–3% on the day, with no confirmed supply disruptions and the move driven by risk premia rather than a single shock.
WTI crude oil prices rose by 2.5% to $58.17 amid escalating Yemen tensions and stalled Ukraine peace negotiations, with market concerns about supply disruptions due to ongoing conflicts. Despite recent gains, long-term forecasts are cautious due to rising global inventories and oversupply, leading analysts to lower future price expectations for 2026 and 2027.
Oil prices rose as signs of better-than-expected demand and unexpected resilience in European oil demand bolstered prices, with West Texas Intermediate reaching the highest intraday price since October. China's rebounding industrial activity also stoked expectations of increased oil consumption in the world's biggest crude importer.
Natural gas prices dip to $2.20 influenced by cold weather in the US and concerns over China's recovery, while WTI and Brent crude oil face downward trends amid mixed global signals and regional conflicts. Central bank decisions and economic data are awaited to provide further direction for oil prices amidst fluctuating demand forecasts. Technical analysis suggests a bearish short-term outlook for both natural gas and oil prices, with key support and resistance levels identified for potential market movements.
Despite Houthi attacks on merchant ships in the Red Sea, oil prices fell as risk-off sentiment in equities markets outweighed the shipping dangers, leaving West Texas Intermediate crude stuck in a narrow trading range.
Oil prices declined as concerns over weak US gasoline demand, indicated by surging stockpiles, overshadowed the impact of production issues in Libya. West Texas Intermediate (WTI) crude settled around $72 per barrel amidst market volatility. Rising inventories in Cushing, Oklahoma, contrasted with a drop in overall US crude supplies, while geopolitical tensions in the Middle East added to the complex market dynamics.
USOIL has experienced a slight decline, trading at $71.29 with a bearish outlook indicated by technical analysis. Key resistance and support levels have been identified, with the current price hovering around the 50-Day EMA and technical indicators like the RSI and MACD suggesting a potential continuation of the downtrend. Traders and investors are advised to be cautious, especially if prices stay below the $70.95 threshold.
Oil prices dropped nearly 2% after OPEC+ producers agreed to voluntary oil output cuts for the first quarter of 2024, which fell short of market expectations. The cuts, approaching 2 million barrels per day (bpd), included an extension of existing voluntary curbs by Saudi Arabia and Russia. The voluntary nature of the cuts left investors unimpressed, as they were smaller than anticipated. The meeting also saw OPEC+ invite Brazil to join the group, while crude output in the US continued to rise.
Oil prices rose as expectations grew that OPEC+ will implement deeper production cuts. Brent crude reached $81.31 and West Texas Intermediate climbed to $76.49 per barrel. The group is set to meet on Sunday to discuss production policy, and there are indications that additional cuts will be considered. Higher-than-expected supply has reduced the projected deficit for the fourth quarter, leading some analysts to predict a return to surplus in the first quarter of 2024. The possibility of broader cuts by other OPEC+ members remains uncertain, but with oil prices down nearly 20% since September, the option is being considered.
Oil prices experienced a decline, ending a nine-day winning streak of daily gains.
The price of crude oil grade WTI has reached its highest level since November 2022, rising to $87.12 per barrel, a 28% increase since June. This jump comes as Saudi Arabia and Russia announce extensions to their production cuts, and the US begins refilling its Strategic Petroleum Reserve (SPR) after it was drained to lower oil prices. While higher oil prices benefit the US oil and gas industry, they also drive up consumer prices and inflation.
WTI crude oil rises by $2.36 to $87.88, while Brent surpasses $91 for the first time since November 2022. The market is experiencing fundamental buying due to a higher consumption of oil than production. Goldman Sachs suggests that OPEC+ may maintain cuts for longer, leading to lower supply. The backwardation in the market indicates buyers pulling crude from inventories, signaling a bullish market.
Crude oil markets, including WTI and Brent, have experienced significant falls, with WTI heading towards the $82 level and Brent threatening to reach $85. However, both markets have strong support from the 200-Day EMA, suggesting potential buying opportunities. The possibility of OPEC members cutting back on production continues to be a bullish factor for crude oil, and if the US dollar weakens, it could further strengthen crude oil prices.
Despite concerns about the Chinese economy causing a $2 drop in crude prices earlier in the day, oil made an impressive recovery in New York trading, rallying $3 to reach $83.03. This turnaround demonstrates independent strength in the oil market, which is currently tight. However, there are concerns that the trade may have been influenced by leaked API data, with official data set to be released later. If oil can maintain its strength through the upcoming data releases, it has a good chance of surpassing the year-to-date highs set in April.
Oil markets have seen a sharp decline in prices with both Brent and WTI crude sliding over $3 per barrel after Goldman Sachs lowered its Brent forecast for December to $86 a barrel. The markets remain on edge ahead of a crucial Fed decision on interest rates on Wednesday, which has led to a stronger dollar, making dollar-denominated commodities more expensive and weighing on oil and commodity prices. The bearishness in the oil market is due to increasing supply from Russia, Iran, and Venezuela, growing recession fears, and persistent headwinds to higher prices from higher interest rates.