Oil prices have rallied back above a key pivot zone with WTI now eyeing yearly downtrend resistance. Levels that matter on the WTI weekly technical chart.
Oil prices plunged for a third-week but held above key technical support- threat remains for major price inflection. Levels that matter on the WTI weekly technical chart.
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Crude Oil Price Forecast Ahead of OPEC Ministerial Meeting
Crude Oil Price Forecast Ahead of OPEC Ministerial Meeting
Rising COVID-19 cases and the OPEC joint ministerial meeting will impact pries in ensuing sessions.
Two weeks ago, OPEC rose its forecast of global oil demand; citing it will increase by 6.6%
Crude oil price has been range-bound for the fifth consecutive session. The rectangular pattern is the market’s reaction to the ongoing optimism of global economic recovery and pessimism from rising COVID-19 cases. On Monday, WTI futures were down by 1.06% at $61.45. At the same time, Brent futures fell by 0.58% to $65.04.
crude oil price
Crude Oil Price Eases Ahead of IEA’s Global Energy Review
Crude Oil Price Eases Ahead of IEA’s Global Energy Review
Crude oil price is on a consolidation pattern as rising COVID-19 cases lowers optimism.
IEA’s global energy review will provide an outlook on the status of the oil industry.
US stable path to recovery continues to offer support to crude oil price.
Crude oil price has eased on its rally following the rise in COVID-19 cases in different parts of the world. On Monday, Brent futures were up by 0.28% at $66.88. At the same time, WTI futures dropped by 0.29% to $63.31.