Oil rose in Asia's morning session on a likely technical recovery after oil futures fell to almost five-year lows overnight.
The 'Fast Money' traders talk crude oil hitting lowest levels since 2021.
Crude oil reached a slightly new bear trend low of $55.00 Tuesday, dipping below the April long-term trend low at $55.23 and the October $56.41 low.
CNBC's “Power Lunch” team discuss oil markets as crude oil prices reach their 2021 low with Dan Pickering, founder and chief investment officer of Pickering Energy Partners.
Oil prices fell on pressure from progress toward a Russia-Ukraine deal. A potential cease-fire could see U.S. sanctions on Russian oil lifted relatively quickly, although the removal of European sanctions would likely be more gradual, said Rystad Energy.
The oil market is under pressure as OPEC+ members have rapidly ramped up production and the U.S. pressures Ukraine to accept a peace agreement with Russia.
Progress in talks to end the war in Ukraine has has fueled optimism among traders, as a potential deal could lead to the lifting of U.S. sanctions on Russian oil companies.
Natural gas and oil prices stay under pressure as oversupply, weak demand, and bearish technical signals cap rebounds across WTI, Brent, and NG markets.
Oil and natural gas prices weakened as progress on the Russia–Ukraine peace and soft Chinese data weighed on sentiment.
Oil fell, as prospects of a Russia-Ukraine peace deal boosted expectations for an end to U.S. sanctions on Russian oil companies.
Crude oil edges lower as traders eye key support levels, Venezuela supply risks, and a bearish oil outlook shaped by surplus forecasts and technical pressure.
Sara Vakhshouri, President of SVB Energy International, says OPEC has been a stabilizing force for the oil markets. She also talks about the other dynamics at play, including growing energy demand, and how that affects electricity prices.