Oil prices slipped nearly 1% on Monday after Iraq's Kurdistan region resumed crude oil exports via Turkey over the weekend and as OPEC+ plans another oil output hike in November, adding to global supplies.
Crude oil futures rally as Russia's export bans and OPEC+ shortfalls tighten global supply. Weekly oil outlook targets $69.34 with bullish momentum intact.
Oil and natural gas regained momentum due to supply draws and geopolitical risks, while the US Dollar Index consolidated near key levels that will shape the next move.
“We want to put tariffs on oil supplies that are still coming to the European Union,” said European Commission President Ursula Von der Leyen. She stated that European nations are looking to stop the purchase of Russian oil, as President Donald Trump has called for many to do.
Latvian President Edgars Rinkevics talks about what it takes to defend against Russian aggression and how a drone wall could be used. Russian fighter jets have recently gone into Polish and and Estonian airspace, ratcheting up tension in the region.
President Donald Trump criticized China, India and several NATO nations who continue to purchase oil from Russia amid the war in Ukraine. “Think of it -- funding the war against themselves,” Trump said during his speech before the United Nations General Assembly.
Crude oil prices declined on rising supply from Iraq and Kuwait, while natural gas held key support near $2.50–$2.60 with rebound potential.
Oil prices were little changed on Tuesday as traders contemplated the impacts of ongoing geopolitical tensions in the Middle East and Russia, while worries over trade tariffs that could dampen fuel demand persisted.
Crude oil faces bearish pressure as prices fail at the 200-day moving average and OPEC supply rises, while geopolitical risks offer limited support.
Crude oil prices remain under pressure as weak demand and strong OPEC supply drive a bearish weekly outlook below the 52-week moving average.
Crude oil slides below key support levels as OPEC supply and weak demand confirm a bearish oil outlook. Fed rate cuts fail to lift crude futures.
The crude oil market continues to see a lot of sideways action, as we are drifting a little be it lower in the early hours of Friday. At this point, we are still very much in range for this asset.