Crude Oil Price Outlook: WTI Peels Back from Year-to-Date Highs
2021-05-05 22:25:00
Rich Dvorak,
Analyst
CRUDE OIL FORECAST: WTI PRICES STRUGGLING AS COVID-19 RAGES ACROSS INDIA
WTIcrude oil appears to be facing some pushback near $66.25 and year-to-date highs
Crude oil prices may struggle to sustain upward momentum as India grapples with covid
The commodity could stay supported more broadly amid economic reopening elsewhere
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Crude oil price action pushed higher early on during Wednesday trade, but the commodity has since turned lower as the session progressed. A larger-than-expected decline in crude oil inventories reported this morning may have helped fueled the bid. With the dire state of affairs in India due to covid-19, however, WTI prices seem to be facing headwinds. Even though the world’s third largest oil importer has fought off calls for a government-mandated lockdown to help reign in the worsening pandemic, economic activity is more than likely to s
Crude Oil Price Outlook: Fresh Highs in Focus Post-Breakout
2021-04-15 22:15:00
Rich Dvorak,
Analyst
CRUDE OIL PRICES PUSH TOWARD YEAR-TO-DATE HIGHS FOLLOWING RANGE BREAK
Crude oil price action has surged 7% higher so far this week as bulls wrestle back control
Topside breakout above technical resistance opens the door to fresh year-to-date highs
Fundamental outlook for crude oil remains constructive and could propel the commodity
Crude oil bulls look to have regained control of price action after sending the commodity 7% higher so far this week. Oil prices now trade comfortably above prior resistance posed by the $62.00-handle with robust economic data likely helping fuel the move. This brings to focus potential for crude oil prices to continue its rebound back toward year-to-date highs.
Crude Oil Prices Mired by Trend Resistance, OPEC+ Output Boost
2021-04-01 21:30:00
Rich Dvorak,
Analyst
CRUDE OIL PRICE ACTION RESILIENT DESPITE OPEC+ PLANS TO GRADUALLY INCREASE SUPPLY, TECHNICAL RESISTANCE IN FOCUS
Crude oil prices jumped 3% on Thursday as bulls continue to defend the 50-day moving average
OPEC+ plans to unwind supply cuts by gradually boosting output by 2-million barrels per day
Oil price action looks to challenge technical resistance posed by its negatively-sloped trendline
Crude oil showed quite a bit of resilience throughout Thursday’s trading session. The commodity climbed 3% to trade back above $61.00/bbl despite news that OPEC+ will gradually increase crude oil output. Saudi Arabia plans to unwind its voluntary 1M/bpd supply cut by boosting production 250K/bpd in May, 350K/bpd in June, and 400K/bpd in July.