Crude oil holds steady as traders eye a 7M barrel inventory draw and Fed rate cut; rising U.S. production and weak demand keep oil outlook under pressure.
Natural gas and oil prices stabilize as oversupply pressures rise. WTI holds $58 while traders await IEA, OPEC signals and a Fed rate cut that could shape demand outlooks.
Oil edged higher in early Asian trade on a likely technical recovery after oil futures posted back-to-back losses on Tuesday.
Crude oil collapsed Tuesday to $58.17, rejecting a major resistance confluence at the falling channel top and multiple averages while confirming last week's 50-day breakout has failed and accelerated the downtrend toward $57.21 and potentially the October low.
Oil and natural gas retreat as growing supply forecasts, weak momentum signals, and bearish technical patterns raise downside risks ahead of key EIA and OPEC+ updates.
Oil prices fell slightly in Asian trade. Investors were monitoring ongoing talks to end the Ukraine-Russia war ahead of an expected Federal Reserve rate cut this week, said UOB.
Oil held steady in the early Asian trade. This could be due to a possible oil supply glut and stalled Ukraine-Russia peace talks, said UOB.
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.