Oil Higher Ahead Of OPEC Decision
Crude prices jumped in reaction to the latest weekly US crude stockpiles data but then quickly went into reverse gear, before bounce back once again.
Cushing
Crude Oil Struggles To Shake Off Oversupply Concerns
Oil prices have been extremely volatile of late, without making any significant progress in either direction. The long and short of it is that the stream of mostly negative news has helped to halt the recent rally, while ahead of this month’s informal meeting of the OPEC in Algeria not many people will want to be betting boldly on an oil price plunge. Therefore consolidation is the dominant theme in
Oil Remains Very Bearish Ahead Of Inventories
The longer term recovery for oil which peaked in the $52 per barrel area last month, is now reversing once more and picking up bearish momentum ahead of the weekly oil inventories due for release later today, as both the technical and fundamental picture help to drive prices lower once again.
Over Supply of Oil Continues to Drive Prices Lower
It was a day of muted trading for oil yesterday, with both the US and Canada observing a public holiday in honor of their war veterans, and as a result the Wednesday oil inventories report is now scheduled for Thursday.
Volume & big draw in inventories combine to help oil futures
Crude oil futures finally managed to find some bullish momentum today, courtesy of the oil inventories from Cushing, which helped oil to reclaim the $100 per barrel level, to currently trade at the time of writing at $101.26 per barrel.
Oil prices continue to drift lower in early trading
Oil continues to find it hard work, building on the bullish breakout of mid June, having moved into a sustained phase of price congestion over the last few weeks, as it continues to slide lower ahead of today’s oil inventories report.
Commodities (oil) reflect the global tensions
In any escalation of political tension oil and gold are the two key commodities to watch. For oil the breakout and surge higher was largely driven by events in Iraq coupled with supply issues at Cushing, both of which combined to help power the WTI crude oil (USO, quote) contract up to the $107 per barrel price point as evidenced by last Thursday’s wide spread up candle.
Crude oil continues lower, not helped by the fundamentals!
Crude oil continued its bearish tone once again last week, closing the oil trading session on Friday at $94.61 per barrel for the December futures contract. With the fundamental picture now calming, the technical element is taking center stage, and in the last few weeks crude oil has breached several key levels, as outlined in previous posts.