Oil edged lower in the morning Asian session, potentially reflecting a technical correction after futures rose for a third straight session overnight.
Oil prices were little changed on Wednesday after rising in the previous session amid expectations that an end to the longest-ever U.S. government shutdown could boost demand in the world's biggest crude consuming nation.
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Oil attempted to rally on Tuesday after dipping below $60, but resistance between $60 and $62 remains firm. The analyst sees crude trading sideways amid persistent oversupply from the U.S., OPEC, and Russia.
Oil and natural gas prices edge lower as OPEC+ output rises and global demand weakens, signaling renewed bearish pressure across energy markets.
Crude oil markets turned slightly positive on Monday but struggled to hold gains. Both WTI and Brent face strong resistance near key moving averages, suggesting short-term rallies remain selling opportunities amid weak demand and fading geopolitical impact.
Oil demand outlook improves on U.S. shutdown progress, but crude futures stall below the 50-day and 200-day moving averages as supply concerns cap upside momentum
Oil prices rose on Monday on optimism that the U.S. government shutdown could end soon and lift demand in the world's top oil consumer, offsetting concerns about rising supplies globally.
Oil edged higher in the early Asian session amid rangebound trading.
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Crude oil finds support at Fibonacci levels, but rising inventories and weak demand keep the oil outlook bearish heading into the second straight weekly loss.
Oil edged up on Friday following three days of declines on worries about excess supply and slowing demand in the U.S., though prices appeared to be headed for a second week of losses.