Reliance, BPCL, Nayara among buyers using UAE dirham for Russian oil
Reliance Industries Ltd., Bharat Petroleum Corp Ltd. and Nayara Energy Ltd. are among Indian refiners using United Arab Emirates dirham to pay for some shipments of Russian crude as they navigate Western sanctions. Buyers have shifted some transactions to the currency, according to people with direct knowledge of […]
Jostles with 50-DMA to convince Oil buyers
Share: WTI grinds higher after crossing one-week-old resistance line. Unimpressive oscillators, 50-DMA challenges Oil bulls ahead of the key 100-DMA hurdle. Pullback remains elusive below $75.60 support confluence, $73.00-72.50 region appears a tough nut to crack for bears. WTI crude oil struggles to extend the previous day’s stellar run-up around the weekly top, […]
Market Update – February 7 – USD Holds on to Gains, Stocks Flat, Oil Rallies
Trading Leveraged Products is risky RBA raised rates as expected by 25bp & signaled more to come – AUD rallied, USD holds at recent 1-mth highs & Yields remain elevated too. US Stocks closed lower but Asian markets & European FUTS are higher. Google announced “Bard”, Baidu “Ernie Bot” and […]
Brent Crude Oil Taking Advantage of Weaker USD, IEA Outlook & Supply Interruptions
BRENT CRUDE OIL (LCOc1) TALKING POINTS & ANALYSIS All eyes point to Fed Chair Jerome Powell for guidance later today. Future crude oil demand emphasized by IEA report while interruption at key export terminal in Turkey backs crude oil prices. Key resistance zone under pressure. Recommended by Warren Venketas Get Your Free Oil Forecast BRENT […]
Oil prices rise on supply concerns, China demand outlook brightens
By Laura Sanicola (Reuters) – Oil prices rose for a second day on Tuesday on supply concerns after an earthquake shuttered a major export terminal in Turkey and a field in the North Sea shut unexpectedly, while demand in China, the world’s biggest importer, looks set to increase. […]
WTI stays firm at around $74.00 despite a strong US Dollar
Share: Western Texas Intermediate recovers some ground even though the US Dollar remains buoyant. IEA’s Director commented that China’s reopening would drive oil prices. WTI Technical Analysis: Triple bottom looms around $72.50. US crude oil benchmark known as Western Texas Intermediate (WTI) records minimal gains after diving toward an eight-week low at $72.30 […]
October oil output cut was the right move, says OPEC secretary general
The collective decision taken in October was the correct decision OPEC+ has always played a constructive role in maintaining a balanced market “We believe there is great confidence and trust in OPEC+ and its decisions, where we have proven time and again that we are ready to act immediately and respond to the dynamic nature […]
Recovery remains elusive below $75.40
WTI picks up bids to snap three-day downtrend at monthly low. Bearish MACD signals, previous support line challenge buyers. Upside appears doubtful below 100-DMA, descending trend line from August also challenges the Oil buyers. Seven-week-old horizontal support limits immediate downside ahead of 2023 bottom. WTI crude oil licks its wounds near the one-month low, picking […]
WTI climbs above $77.00 and forms a bullish engulfing candle as bulls eye the 20-DMA around $78.40
WTI is set to finish the week with more than 2% losses. Factors like solid US jobs data and the EU’s embargo on Russian oil-related products underpin WTI. WTI Technical Analysis: Near-term shifted upward biased, and it might test $80.00. The US crude oil benchmark, known as Western Texas Intermediate (WTI)., jumped after the release […]
WTI crude oil futures settled at $73.39
The high price reached $78.00 today. The low reached $73.13. The price traded to the lowest level going back to January 23. The low for the year reached $72.46 back on January 5th. The cycle low from December reached $70.08. Taking a broader look at the weekly chart, the price of crude oil has been […]