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Crude Oil Prices Drop as US Push Through With Anti-OPEC Bill 2021-04-20 16:20:00 Justin McQueen, Analyst Oil Prices Extend Losses on NOPEC Bill In line with the general risk-off sentiment, oil prices have come under notable selling pressure with both Brent and WTI crude futures falling 2-2.5%. Alongside this, the move lower in oil prices had been exacerbated by reports that the US House Judiciary Committee had passed a bill that would open OPEC to antitrust lawsuits over production cuts, making it illegal for any foreign state to act collectively to limit the production of oil or set prices. However, while the initial reaction has seen oil prices drop, the likelihood that such a bill will be signed into law is still small at this stage. Similar bills have been introduced in Congress for the best part of two decades with little success. While oil prices are up over 30% having recently hit a monthly high at $68, this is still below levels of $100 over a decad ....
Crude Oil Rally Stretched, Risk of Possible Correction Ahead 2021-02-15 12:05:00 Justin McQueen, Analyst Oil Technical Levels to Watch Crude Oil Prices Extend Rally as Tighter Supply Underpins Oil prices have gone from strength to strength in recent months, as market participants look to a brighter 2021. That said, the acceleration in the move higher has stepped up with Brent crude futures breaking out since the move above $60, having last week recorded its 4th consecutive weekly gain. Among the primary reasons for this supercycle move higher across oil prices has been a reduction in oil supply, particularly from OPEC+. While record winter storms hitting Texas oil supplies the possibility of strikes in Norway, threatening the country’s oil production have added a fresh impetus this morning. ....
WTI crude oil continues to rally within channel formation May be in for a pullback/consolidation, using channel as guide Advertisement WTI crude oil remains in bullish channel WTI crude oil is on the extended side, but remains within the confines of a well-defined channel structure that keeps it pointed higher. With that in mind, we may see a pullback develop here soon that will alleviate any short-term overbought conditions that exist, but the outlook is generally bullish. A pullback to the lower trend-line could offer would-be longs an opportunity to enter and have a threshold from which to assess risk. Stay above the lower parallel and the current trend remains intact. Break below and a larger decline may ensue. ....
Crude Oil Price Outlook: Will WTI Rise into 2021? Technical Signals Mixed dailyfx.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailyfx.com Daily Mail and Mail on Sunday newspapers.