Most commodities rose Tuesday as decline in USD resumed. WTI crude oil jumped +2.6% to 71.65 while Brent crude gained +2.7% to 70.53. Others in the energy complex also advanced with heating…
Tag: Oil
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil continues to engage in choppy sideway trading below 75.0 and outlook remains neutral for the moment. Question is still on whether price actions from 75.0 are…
Oil Dropped Below 70 amid Weakness in China’s Diesel Demand
Broad-based decline was seen in commodity prices amid recovery in USD. WTI crude oil price dropped -3.2% to settle at 67.71 while Brent crude oil fell -3.7% to 68.69. Product prices plunged…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil’s retreat from 73.16 extends further today and is now back pressing 70 level. Outlook remains neutral for the moment with question of whether price actions from…
Correction Seen in Commodities as Strength in USD Curbs Hedging Demands
Crude oil price slides further and approaches 70 in European morning with USD’s rebound and stock market’s weakness the main drivers. Prices on heating oil and gasoline also plunge to 1.793 and…
Crude Oil Retreats – Investors Need Evidence on Demand
Crude oil price trades narrowly with a soft tone in Asia Monday. Although we have received some stronger-than-expected economic data and the global environment seems to have turned more positive, all these…
Crude Oil Weekly Technical Outlook
Nymex Crude Oil (CL) Despite rebounding to 73.16 last week, there was no clear direction in crude oil yet and it’s still staying in established range below 75.0 high. Initial outlook remain…
Weekly Fundamental Outlook for Energies and Metals – Crude’s Rally Derailed from Fundamentals Again
Strength in stock markets and decline in USD were the major reasons for the rises in commodities. In the US, Dow Jones Industrial Average climbed +2.2% to settle at 9820 while S&P…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Despite edging higher to 73.19, crude oil failed to sustain above 72.90 resistance and retreated. Intraday outlook is turned neutral again. On the upside, above 79.19 again will…
Recovery in USD Pressures Commodity Prices in European Morning
Commodity prices drop in European morning as the dollar recovers after plunging for several days. In particular, the pound sinks against the dollar and euro after Lloyds Banking Group was barred from…