WTI jumps from below the 100-EMA, and approaches $110 on OPEC+ cutting its surplus

US crude oil extends its gains to two consecutive days, though it faces solid resistance at the 50-EMA, around $110.33. OPEC+ reduced its 2022 market surplus to 1 million BPD, while Libya’s political turmoil cut production by 600K BPD. WTI Price Analysis: Despite breaking an upslope trendline, oil’s price has recovered those losses, and now … Read more

OPEC+ lowers 2022 market surplus forecast to 1 million bps – Reuters

Citing an internal report prepared for the upcoming Joint Technical Committee meeting, Reuters reported on Monday that OPEC+ trimmed its oil market surplus forecast for 2022 to 1 million barrels per day (bpd) from 1.4 million bpd previously. Market reaction Crude oil prices gained traction after this report. As of writing, the barrel of West … Read more

G7 still working on precise mechanism to implement price cap on Russian oil

With the G7 Summit underway, a US official said on Monday that the G7 is close to setting a global price cap for Russian oil. Additional comments “To issue coordinated steps tomorrow to raise pressure on Russia.” “Targeting services for transporting Russian oil is a ‘promising avenue’.” “The US will impose higher tariffs on Russian … Read more

Mildly bid around $103.50 inside bearish pennant

WTI dribbles inside a bearish chart pattern around six-week low. Steady RSI and sustained trading below 100-HMA favor bears. Eight-day-old resistance line adds to the upside filters. WTI crude oil traders lick their wounds near $103.50, up 0.15% intraday, heading into Friday’s European session. In doing so, the black gold remains inside a two-day-old bearish … Read more

Renews monthly low around $104.50 on breaking key support line

WTI remains pressured around one-month low as it breaks two-month-old support line. 100-DMA, 61.8% Fibonacci retracement level may test bears but recovery remains elusive until crossing a weekly resistance line. Bearish MACD, clear downside break of important support favor sellers. WTI crude oil slumps to the lowest levels in five weeks after breaking an upward … Read more

Global oil demand fell below pre-pandemic levels in April – Reuters

Global oil demand fell month-on-month in April to below pre-pandemic levels (97% of 2019 levels) as consumption softened across several Asian countries, Reuters reported on Monday, citing data from the Joint Organizations Data Initiative (JODI). Saudi Arabia’s April crude exports rose to 7.38 million barrels per day (bpd) from 7.235 million bpd in March, Reuters … Read more

WTI stays depressed around $114.00 with eyes on Fed’s Powell, oil refiners’ meeting

WTI picks up bids to consolidate daily losses, looks set for the consecutive second weekly loss. US dollar rebound, hawkish central banks test oil buyers. US Energy Secretary calls emergency meeting of oil refiners during the next week. Russia hints at further oil supplies while also confirming the market’s uncertainty. WTI crude oil price fades … Read more