Nymex Crude Oil (CL) Crude oil’s strong rebound from 65.05 is still in progress and breaches 70 level. The impulsive look of the rebound dampens our bearish view and in turn argue…
Tag: oil market
Oil Price Has Little Change Depsite IMF’s Upgrades
Hovering around 70, the benchmark contract for crude oil changes little ahead of US opening. IMF’s upgrades on economic forecasts and OPEC’s production cut in September are bullish factors but investors probably…
Strengthening in WTI Timespread Signals Further Draws in Cushing Stocks
Crude oil rallied +5.8% to settle at 70.61 Wednesday as gasoline stockpile surprisingly drew last week. Although the inventory data were mixed with crude inventory rising more than forecasts while distillate gaining…
Crude Oil Price Reacted Mildly Positive to Less-than-expected Distiallte Stock Gain
Crude oil inventory rose +2.8 mmb, compared with consensus of +2 mmb increase, to 338.4 mmb in the week ended September 29. The good thing is Cushing stock recorded significant drop of…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil’s consolidation from 65.05 is still in progress and recovery might continue further. But upside is still expected to be limited well below 71.11 resistance an bring…
Oil Fell amid Weaker-than-expected Eco Data and Inventory Builds
The energy complex ended the day with mixed performance. WTI crude oil rose to as high as 67.3 before pulling back and settling at 66.71, -0.2% as US consumer confidence index was…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Break of 67.02 minor resistance indicates that an intraday low is in place at 65.05 and some consolidation could now be see. Nevertheless, recovery is expected to be…
Escalated Tensions in the Middle East Lifted Oil Price
Despite weakness in Asian session, crude oil price rebounded later in the day as Iran’s missile tests might have escalated geopolitical tensions. Moreover, strength in stock markets also boosted commodities. WTI crude…
Crude Oil Stays Weak. It’s Correlation with USD Has Surged Substantially
Crude oil price falls below 66 in European morning as USD recovers and stock markets weakens. Currently trading at 65.5, the benchmark contract for crude oil is vulnerable to further decline as…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil continues to hover in tight range above 65.23 support today and still, intraday bias remains mildly on the downside as long as 67.02 minor resistance holds….