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Shorting crude oil could be getting ‘long’ in the tooth
Oil bears have been busy over the past few weeks helping to send crude oil prices over 12% lower since the April highs. Yet recent price action suggests it could be set for a bounce.
Crude Oil Forecast: The Two Key Reasons WTI and Brent Oil Are Breaking Support Levels
Rising inventories and a recovery in the US dollar are driving the latest bout of weakness in WTI and Brent crude oil prices.
WTI crude oil forecast: Key moment looms with bullish uptrend under threat
WTI crude was looking suspect even before Wednesday’s significant swoon, leaving the price teetering on key uptrend support dating back to the Fed’s rate cut pivot in December. Should it give way, there’s not standing between a larger flush to the mid-$70 per barrel region.
Crude oil analysis: WTI on course to finish higher for fourth month
Crude oil investors eye clues about demand outlook ahead of busy week, as OPEC+ cuts and reduced fears about Eurozone economy keep oil prices supported. WTI technical analysis suggests trend is still bullish.
Gold’s worst day in two years, Crude oil eyes bounce above $80: Asian Open
There has been a shakeup at the top for gold, which opened the week at the high and closed the day at the low during its worst day in two years. We also look at a potential swing trade long on WTI crude oil.
Crude oil outlook remains positive despite reduced war risk
Crude oil demand outlook will come into a sharp focus this week with the release of the global manufacturing PMI data, US GDP and the Fed’s preferred measure of inflation this week. Still, Middle East tensions remain the key driver of short-term price action. Meanwhile, WTI technical analysis suggests the longer-term trend is still bullish.
Crude oil spikes on reports of Israeli airstrike, gold threatens new high
WTI crude oil was up over 4% during the Asian session on reports that Israel’s middles had struck a site in Iran, further fans fears of a broader-scaled war in the middle East.
AUD/USD holds 64c ahead of AU jobs, crude oil slips 3%: Asian Open
The US dollar snapped a 6-day winning streak to allow AUD/USD to rebound from 64c in line with yesterday’s bias. And if AU employment figures perform today, it could extend its gains for a second day.
Crude oil analysis: WTI drops amid demand concerns
Middle East concerns should keep the downside limited for crude oil, after prices slid 3% as demand concerns intensified on weaker Chinese industrial data and amid the prospects of higher interest rates for longer. WTI technical analysis suggests the longer-term trend remains bullish, with the first short-term support level to watch coming in around $82 area.
WTI crude oil forecast: Price action unconvincing despite strong tailwinds, fat tail risks
Crude oil appears toppy after a mammoth rally since February, unable to push higher despite some seriously strong tailwinds stemming from geopolitics, supply curbs and ongoing strength in the US economy.
AUD/USD, ASX 200 dragged lower during risk-off trade: Asian Open
A risk-off tone ensued across global markets to send the US dollar higher, to the detriment of AUD/USD and the ASX 200.
USD/JPY eyes 155, WTI crude oil looks set to bounce: Asian Open
USD/JPY is less than a day's trade from 155, a level an ex-FX diplomat warned could trigger an intervention if breached. WTI crude oil seems to have solid support above $84, to hint at a swing low.
Crude oil forecast: Bullish golden cross looms as WTI hits 2024 highs
The crude oil rally has seen the 50-day moving average flick sharply higher, putting it on track to generate a Golden Cross as it moves above the 200-day moving average. History suggests this may fuel further gains despite the price sitting in overbought territory.
Crude oil analysis: WTI steady ahead of inventories data
Crude oil looks set to end March and the first quarter higher. Oil prices have been buoyed by easing demand concerns and sustained supply cuts by the OPEC+. Meanwhile WTI technical analysis points higher, for as long as $79-$80 support area holds.
Crude oil rises on production cuts, ASX 200 set to retrace? Asian Open
With geopolitical tensions on the rise and Russia announcing production cuts as infrastructure continues to face attacks, the path of least resistance for WTI crude oil appears to be higher.
Crude oil analysis Strong Chinese demand fuels rally
Crude oil analysis: China set to import record volumes of Russian oil in March, as oil extends weekly breakout ahead of a busy week for financial markets.
Crude oil analysis: WTI breaks $80 barrier
Factors supporting oil price include optimism over China, bullish forecast from IEA and general strength in commodities.
WTI crude oil looks set to break $80: Asian Open – March 14, 2024
After several weeks of choppy trading conditions, momentum has turned higher on WTI crude oil and a breakout above $80 is on the radar.
AUD/USD, ASX 200 pause for breath ahead of US CPI: Asian Open
With traders eager to price in Fed cuts, today’s US CPI could bolster the US dollar and see AUD/USD and the ASX 200 pull back further if the data comes in too hot.
Crude oil outlook: WTI briefly rises above $80
Crude oil outlook boosted from multiple sources today, including a weaker US dollar, a bigger than expected crude product draw, and positive risk sentiment after China set ambitious growth target
Crude oil analysis: WTI looks poised to extend gains despite weak start
What does OPEC’s decision mean for oil prices is discussed in this article. We also take a look at the WTI chart, with technical analysis pointing higher. But bullish momentum needs to resume and fast.
Crude Oil Forecast: WTI tests 3-Month Highs Near 80.00 – Will We Break Out?
This week will be a key one for WTI, with a bullish break above 80.00 potentially setting the stage for a quick continuation toward the mid-80.00s.
WTI crude oil bulls eye a break to $80
WTI crude oil has managed to rise mostly as a function of short covering. And whilst it looks set to make a break for $80, a fresh catalyst may be required before we should expect runaway gains.