Crude oil outlook turns bullish as WTI holds above 200-day MA, driven by supply risks and strong U.S. demand.
The crude oil market rallied a bit for the week, as we are trying to find come kind of floor in this commodity. However, we have a lot of concerns about the US, OPEC, and Russia all pumping out even more oil at the moment than before.
Oil prices were little changed on Friday but were on track to snap a two-week losing streak as hope for immediate peace between Russia and Ukraine dimmed, increasing the risk premium demanded by oil sellers.
Aliko Dangote's oil refinery, 50 miles from the center of Lagos, is the billionaire's boldest bet. Bigger than any in Europe, it took 11 years and $20 billion to build, three-and-a-half times as long and more than twice as much money as initially planned.
Oil prices rebounded on a sharp US crude inventory draw, but bearish technical trends in WTI and natural gas persist, while the US Dollar Index consolidates near key support amid geopolitical uncertainty.
Oil prices gained slightly on Thursday as larger-than-expected declines crude oil and fuel inventories in the U.S., the world's biggest oil user, supported expectations for steady demand.
Oil prices rose on Wednesday as supply concerns are resurfacing while peace talks ending Russia's invasion of Ukraine are likely to take longer, leaving in place sanctions on Russian crude and raising the chance of further restrictions on its buyers.
Crude oil extended its consolidation activity Tuesday, holding between $62.19 support and $64.18 resistance, as traders weigh potential bearish continuation against signs of short-term reversal.
Treasury Secretary Scott Bessent accused India of profiteering from Russian oil by refining and reselling it elsewhere in the world. Bessent condemned the practice as "arbitrage.
Energy prices slide as oil extends a 10% monthly drop, natural gas stalls under EMAs, and markets await clarity on supply and geopolitical risks.
The U.S. president Volodymyr Zelensky are set to meet on Monday. Russian oil remains a key economic pawn.
Crude traders await market reaction to Trump-Putin talks that could reshape Russian oil supply and shift the near-term oil outlook below key technical levels.