Light crude oil futures break above 50-day MA at $59.67. Fed rate cuts and supply risks fuel rally, but can buyers hold the line?
The carbon-capture story reveals the nation's shifting priorities and inconsistent approach to clean-energy and climate change.
The market is also assessing the impact of a possible U.S. Fed rate cut and tensions with Venezuela, both of which could boost oil prices, analysts said.
Crude oil continued to struggle on Friday as both WTI and Brent faced pressure from downtrend lines, the 50-day EMA, and major resistance near $60. Supply remains ample, demand soft, and short-term rallies still appear vulnerable to selling.
Geopolitical tensions and supply risks push oil higher while Natural Gas holds a rising channel. Key resistance tests signal major moves ahead.
Oil ticked down in Asia after settling higher overnight, but stays on track for a weekly gain.
WTI oil prices were heading for weekly gains of close to 2% in early trading on Friday, supported by an expected Federal Reserve interest rate cut, escalating U.S.-Venezuela tensions and stalled peace talks in Moscow.
President Donald Trump has blamed drug trafficking for the deadly U.S. strikes on boats in the Caribbean Sea and his threats to force the resignation of Venezuela's President Nicolás Maduro, but crude oil is almost certainly playing a part too.
OPEC's oil output edged lower in November, despite an OPEC+ agreement to raise production for the month, due to outages in some members, a Reuters survey found on Thursday, bringing supply from the group further below its target.
Look for more AI adoption to help broaden the stock market next year, but overly optimistic sentiment may need a reset early on, says strategist Warren Pies.
Geopolitical tensions and rising channels support natural gas and oil, but resistance zones and oversupply risks keep prices capped in the near term.
Oil rose in Asia morning trade as markets stayed focused on geopolitical tensions.