Crude oil holds a bearish bias below the 200-day MA, as traders await a 50-day break to confirm momentum. Geopolitics and weak China data add pressure.
Oil markets are set for a muted price reaction when they open on Sunday after U.S. President Donald Trump's and Russian leader Vladimir Putin's meeting in Alaska, at which Trump said a fully-fledged peace deal was the aim for Ukraine rather than a ceasefire.
The hype surrounding the historic summit Friday between U.S. President Donald Trump and Russian President Vladimir Putin makes clear that Russia — even under global sanctions — remains a powerhouse in the energy market.
Crude oil futures stall at the 200-day MA as bearish pressure builds. Traders eye supply risks, OPEC+ output, and weak China data in the oil outlook.
Optimistic over Angola's untapped gas potential, Azule Energy is considering another gas exploration well after leading the country's first drilling campaign targeting gas and hitting success last month, the CEO told Reuters.
President Donald Trump is due to meet Friday in Alaska with Russian President Vladimir Putin. Crude-oil prices surged when Russia invaded Ukraine in 2022, and there is a potential for sizable moves depending on how Friday's summit goes.
Oil prices were little changed on Wednesday after falling in the previous session after an industry report showed U.S. crude stockpiles climbed last week illustrating the end of the seasonal summer demand period is nearing.
Geopolitical talks and API/EIA data could steer natural gas and oil prices, with EMA resistance and key support levels defining short-term market direction.
Oil prices remain under pressure as surging OPEC+ output and slowing demand from India shift market sentiment bearish. With U.S. shale drilling activity declining and macro headwinds building, WTI faces further downside risk unless supply shocks or seasonal demand trends reverse the trend.
Oil prices edged higher on Friday but were poised for the steepest weekly losses since late June on a tariff-hit economic outlook and a potential meeting between U.S. President Donald Trump and Russian counterpart Vladimir Putin.
The crude oil market continues to see a lot of noise, as we are trying to bounce a bit just below an important level in both grades of oil that I follow here at FX Empire.
Investors may soon find out just how willing President Donald Trump is to punish Russia in the face of a potential jump in oil prices, as a Friday deadline set by the White House for a cease-fire with Ukraine looms over the market.