Crude oil holds a bullish posture despite near-term consolidation, as rising support and Fibonacci targets point to a possible continuation toward the top channel line.
Oil prices gained for a fourth straight day on Thursday, as investors worried about supply shortages amid U.S. President Donald Trump's push for a swift resolution to the war in Ukraine and threats of tariffs on countries buying Russian oil.
The tariff on India can be seen as a cautionary note to U.S. trading partners that they will be severely penalized if they don't bend to Trump's will.
Anubhuti Sahay, Head of India Economics Research at Standard Chartered Bank says India can absorb the cost of shifting from Russian to U.S. crude oil if sanctions hit and it's forced to stop importing Russian oil. Sahay does not think it will amount to an "oil shock", and India will be able to manage it without a significant impact on inflation.
Oil-services giant outbids rival to hitch a ride on the data center gravy train by buying a heat cooling company
WTI crude oil is rebounding from the long-term support zone, but the direction remains uncertain, while natural gas prices are also rebounding from the $3 support level.
Oil prices rose on Monday after the U.S. reached a trade deal with the European Union and may extend a tariff pause with China, reducing concerns that potentially higher levies would limit economic activity and impact fuel demand.
Crude oil battles trade tensions despite 3.2M barrel inventory draw. EU-US tariff threats weigh on demand outlook as OPEC+ production decisions loom ahead.
Crude oil holds above key MAs as traders eye OPEC+ output signals, Iran talks, and Venezuela supply. Read the latest oil outlook and technical analysis.
Italian energy group Eni said on Friday its second-quarter earnings fell 25% year on year as lower oil price, refining margins and a weaker dollar overshadowed a better than expected performance of its gas business.
The crude oil market rallied a bit in the early part of the Thursday session but have also given back a lot of momentum. While we sit on support in both grades of oil in this analysis, and therefore choppiness is what I expect.
WTI crude oil is consolidating within a bearish trend, while natural gas prices are falling in search of support amid heightened uncertainty.