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Oil forecast: WTI steadies for now, OPEC+ postpones meeting
Oil steadies after 3-days of losses. Easing tension in the Middle East saw the geopolitical risk premium fall. However, OPEC+ pushing back its December 1st meeting raises optimism the group will postpone unwinding oil production cuts. Volumes will likely remain low owing to the US Thanksgiving holiday.
Crude oil bears were 'caught short' at the lows, bulls now eyeing $80
Market positioning shows an influx of shorts hitting crude oil, in what now looks like a cycle low. And whilst bulls are eying a break of $80, they could benefit from a pullback first.
WTI crude oil remains trapped, bitcoin looks set for a bounce
Crude oil finds itself between a rock and a hard place where technical levels are concerned, although that doesn't mean it can't at least make a minor bullish breakout before another leg lower. Price action on bitcoin appears to be more constructive for bulls, at least over the near term.
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WTI Crude Oil Forecast: Rejected at Resistance but Bullish Structure Remains
Oil prices have been very range-bound over the past few months but breakout potential remains as WTI has built an ascending triangle inside of the recent range.
Crude oil steadies ahead of OPEC, US inflation in focus: The Week Ahead
Thanksgiving in the US has made for a very quiet second half to the week for traders, but with a key US inflation report and an OPEC meeting on tap then volatility is expected to return next week. Also note that Australia releases inflation figures which could be the deciding factor as to whether the RBA hold or hike at their final meeting of the year.
WTI crude oil suffered its worst week in 6 months: Asian Open – 09/10/2023
The rapid decline of oil prices last week has seen calls for $100 WTI come into question. But with prices showing signs of stability above $80 on Friday and Iran declaring war on Palestine, oil prices will be closely watched due to concerns of a supply disruption potentially on the horizon.
WTI crude oil plunges, USD, yields retrace: Asian Open – 05/10/2023
The combination of softer US economic data and yields pulling back from their highs allowed risk assets to sigh in relief and lift themselves cautiously from their cycle lows. Although oil prices plunged at the prospects of a struggling consumer due to low gasoline demand, sending WTI crude oil 5.5% lower during its worst day this year.
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
WTI crude oil analysis: European Open – 24th July 2023
WTI crude oil prices rose for a fourth consecutive week despite a recovery of the US dollar. Whilst it shows the potential to pull back from the $77 highs, short-covering of large speculators and managed funds over the past couple of weeks suggests it could be headed towards $80.
USD/JPY, Oil outlook: Two trades to watch
USD/JPY falls ahead of debt ceiling talks. Oil edges lower after Chines trade data, US CPI in focus.
US open: Stocks steady as US plans to announce Russian oil restrictions
US stocks point to a steady start as the White House prepares to announce a ban on Russian oil and as US companies continue the exodus from Russia.
Two trades to watch: Oil, EUR/USD
Oil sees heightened volatility on Russia-Ukraine fears. EUR/USD extends losses amid risk off trade and ahead of ECB Lagarde.
Asian Open: UK logs first known Omicron death
The United Kingdom has recorded the first known Omicron-related death, as the World Health Organisation warns that variant could pose as a global risk.
Risk-off returns as Moderna CEO makes glum prediction
An article in the Financial Times triggered a fresh round of selling before the European open, as Moderna’s CEO predicts vaccines will be less effective.
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