US Crude Oil

Stronger GDP, core durable goods orders and the drop in oil inventories have all helped to alleviate demand concerns somewhat, reducing the pressure on oil prices. After today’s reversal-looking price candle, our crude oil forecast has turned modestly bullish.

West Texas Intermediate (WTI) crude oil was slightly off its best levels but remained on track to close higher for the fourth consecutive week as of late Friday. In the week ahead, keep an eye on crude inventories and consumer inflation data from the US.

Despite weaker-than-expected industrial data from China overnight, which should have raised concerns about demand, crude oil prices have rallied more than 1.5% today, building on the 3.5% to 4.0% increase from the previous week.

It is possible we could see crude oil prices come under pressure again after the recent recovery. After all, there are several factors that are likely to limit the upside potential from here, including increased non-OPEC supply, which is undermining the OPEC+ efforts to stabilise the markets.

The crude oil selling resumed on Friday after a two-day respite, although the losses were not as severe as those observed earlier in the week and far less forceful than the drop in metals. This is because a strong jobs report and services PMI data both helped to reduce fears over weakening demand in the US...

Today’s release of a much stronger-than-expected ISM services PMI report has also helped to reduce economic slowdown fears, and this is helping oil prices. Traders have largely shrugged off the unexpected build in US crude oil stocks. In light of today’s recovery, the short-term crude oil forecast has turned moderately bullish.

WTI formed a bullish signal Wednesday after the DoE reported a drop in stockpiles, while the uptick in refinery utilization rate was welcome news ahead of the US driving season. Meanwhile, oil prices may also be closer to bottom as investors have now mostly priced out the risk of a wider conflict in the Middle East.

WTI Crude Oil's momentum is shifting gears from MENA tensions towards economic growth statistics

What does OPEC’s decision mean for oil prices is discussed in this article. We also take a look at the WTI chart, with technical analysis pointing higher. But bullish momentum needs to resume and fast.

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 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.

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.

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

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.

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.

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

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.