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…
Tag: oil market
Crude Oil Weekly Technical Outlook
Nymex Crude Oil (CL) Crude oil dived sharply to as low as 65.05 last week after breaking medium term trend line support decisively. The development affirms the case that crude oil has…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil’s fall extends further to as low as 65.60 so far, inch above mentioned target of 65.23 cluster support (100% projection of 75.0 to 67.05 from 73.16…
Oil Price Remains Soft While Gold Rebounds
Crude oil remains weak in European morning as there’s lack of upbeat economic data to offset the bearish inventory report. Currently trading at 68.5, the benchmark contract for crude oil stays within…
Crude Looks to have the Steepest Fall in 11 Weeks
Crude oil’s decline accelerated Thursday as weaker-than-expected home sales in the US spurred worries on recovery. Although buying interest emerged above 65, benchmark contract for WTI crude oil dropped -4.5% to settle…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Crude oil’s fall from 73.16 resumes and is now back pressing 68.02 support. As discussed before, break of 68.02 will suggests that fall from 75.0 is resuming and…
Bearish Inventory Report Triggers Selloff in Energies
Petroleum inventories recorded huge increase last week, indicating persistence of gloomy demand/supply conditions in the sector. According to the US Energy Department, crude inventory rose +2.86 mmb, compared with market expectation of…
Crude Oil Dived Amid Stock Builds – Gold Was Neutral To FOMC’s Statement
Crude oil price fell to as low as 68.04 Wednesday after the US Energy Department reported huge builds in crude and gasoline inventory. The benchmark contract ended the day at 68.97, down…
Crude Oil Daily Technical Outlook
Nymex Crude Oil (CL) Outlook in crude oil remains neutral for the moment as it’s still engaging in choppy sideway trading in converging range since 75.0. Question is still on whether price…
Energies Rallied on USD’s Fall – Pull back in Asia as Inventory Surged
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…