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WTI technical analysis: Crude oil turns positive - Technical Tuesday

Crude oil is already supported on raised geopolitical risks but now we also have improved demand outlook, after the IMF raised its global GDP forecasts thanks to a resilient US economy and fiscal support from China.

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Crude oil outlook boosted by geopolitics and easing demand fears

Crude oil outlook boosted by Middle East conflict while strengthening data reduces demand fears. The US attacks on targeted "Iran-affiliated groups" in Iraq have been condemned as "contributing to a reckless escalation" in the crisis. WTI technical levels to watch include $75 on the downside now.

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January 24, 2024 05:00 PM
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Crude oil analysis: WTI hits $75 - Technical Tuesday, January 23, 2024

WTI hits $75.00 resistance again, as geopolitics support oil on dips. But crude oil faces some key risks, including weaker demand outlook and strengthening US dollar

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Crude oil analysis: WTI extends rise for fifth day

Crude oil analysis: Macro environment for oil remains bullish as crude oil technical analysis suggest WTI could rise to test the key $75 level. Meanwhile, as bullish momentum is gathering pace, this is making oil less and less appealing for the bears.

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December 19, 2023 06:00 PM
Energy

WTI technical analysis: Crude oil extends recovery on Red Sea attacks

After last week’s hammer candle, today’s upside follow through would appease the bulls. Crude oil prices turned sharply higher after BP paused all Red Sea oil shipments following the rebel attacks. WTI has likely formed a bottom after bouncing from its 200-week average last week.

Energy

WTI analysis: Crude oil seeking a bottom

In this article, we discuss the factors drove the significant drop in prices and explain why further downside could be limited for crude oil. WTI technical analysis suggests $70 is among key support levels to watch

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December 11, 2023 04:20 PM
Energy

Everything you need to know about the Exxon and Chevron acquisitions

The two largest US oil and gas companies both announced major acquisitions that will increase production while lowering taxable revenue in the near future. Learn more in our rundown of Chevron and Exxon here.

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November 28, 2023 07:05 PM
Energy

Crude oil analysis: WTI off lows as focus turns to OPEC+ meeting

Crude oil analysis: Investors await OPEC+ meeting on Nov 30. We expect rollover of Saudi and Russia cuts, which could help to support prices. WTI needs an interim higher high above $77.60-$78.50 to signal trend reversal after intense selling over the past several weeks.

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November 27, 2023 04:30 PM
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WTI analysis: Crude oil bounces off key support

Crude oil prices started the week on the backfoot before turning positive at the time of writing. The recovery comes after prices started to stabilise at the end of last week, following a sharp 3-week decline despite Israel’s increased military operation in Gaza. Have oil prices finally bottomed?

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November 13, 2023 03:45 PM
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Crude Oil Analysis: WTI and Brent Dump to Multi-Month Lows

The bullish supply-demand picture from the third quarter has reversed, driving crude oil prices sharply lower so far this week

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WTI analysis: Crude oil in spotlight – Technical Tuesday

Investors’ focus will remain on oil prices after their recent sharp gains amid the ongoing supply cuts by the OPEC and allies, and in light of today’s bullish reversal. Owing to concerns over a crude supply deficit, there is a good chance we could see oil prices climb above $100 and thus stoke inflationary worries further.

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Oil prices flirt with $100 handle

WTI crude has risen to $91.65 per barrel (bbl) at time of writing, with a $93.44 high Brent crude oil has risen to $94.58 per barrel (bbl) at time of writing, with a $95.66 high The US dollar index has risen to 105.2 with strong momentum

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September 20, 2023 12:12 PM
Energy

Crude oil outlook: WTI hits new 2023 high

WTI oil prices reached its highest levels since last November, breaking above the April high of $83.50 briefly, before coming off its best levels. Traders will be watching to see how oil prices will close the session today. The OPEC+ ongoing supply cuts are continuing to offset concerns over demand. But will WTI manage to climb to $85 and higher?

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August 9, 2023 04:57 PM
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Crude oil outlook: WTI to start Q3 with some bullish momentum

Our crude oil outlook remains positive after much of the selling pressure was absorbed successfully in June, with WTI refusing to remain below $70.

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Crude oil outlook: WTI erases losses

Crude oil prices turned positive, erasing earlier losses of around 2.5%, to make the short-term crude oil outlook more neutral-to-slightly positive.

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June 6, 2023 06:00 PM
Energy

Crude oil outlook: WTI struggles despite OPEC+ cuts, stronger US economy

Chinese concerns are offsetting OPEC cuts and strength in US demand. Given these mixed influences, the short-term crude oil outlook remains as clear as mud.

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May 25, 2023 02:19 PM
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Crude oil outlook: WTI could climb to $80

My crude oil outlook remains bullish and reckon WTI could climb to $80. The "weaker demand" narrative is likely priced in and OPEC cuts point to tight market.

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Crude plummets - will OPEC come to rescue?

We might see an oversold bounce in prices soon but until something changes fundamentally, the path of least resistance would remain to the downside

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WTI falls as demand concerns intensify

Oil investors' focus is turning back to the demand side of things and in particular China...

Energy

WTI crude oil: When prices can’t rally on good news…

Oil traders have now had two chances to bid up oil on better-than-expected news this week, and on both occasions, crude was trading much lower in just a handful of hours...

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WTI: OPEC+ and inventories send US oil on a rollercoaster ride

Oil prices are on the verge of breaking below strong previous support at the 93.00 level...

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August 3, 2022 05:47 PM
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Crude oil off lows after slump

The focus for oil and other investors will turn to the latest Chinese and US data...

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July 14, 2022 05:06 PM
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BP to exit Russian State Owned Rosneft Stake

If there is one positive from Russia's attack on Ukraine, it has been how Putin's needless act of aggression has managed to unite a previously fragmented association of countries and their people into a global coalition fighting for Ukraine.