Oil demand hopes rise on trade talks, but crude prices face resistance from rising OPEC production and Fed-driven dollar strength.
Can Brent maintain $60.84 support amid weak global demand and rising supply pressures? Key technical levels and market outlook for traders.
Oil prices steadied on Thursday after falling more than $1 in the previous session as uncertainty over the outcome of trade talks between the U.S. and China, the world's two largest oil consumers, weighed on investor sentiment.
Oil consolidated in the early Asian trade. Crude oil prices have been volatile as traders are still worried over OPEC+'s production policy, Pepperstone said.
Oil rose in the morning Asian session after the U.S. reached a truce with the Houthis in Yemen and said it would suspend its airstrikes there.
Diamondback Energy expects U.S. oil production to peak and then decline this year due to low prices. CEO Travis Stice warned that falling production threatens jobs, GDP growth, the nation's trade balance and U.S. energy security.
Oil futures edged higher in early Asian trade, supported by Middle East tensions.
Paul Sankey, Sankey research president & lead analyst, joins 'Fast Money' to talk oil prices, the state of the energy sector, OPEC+, and more.
Arjun Murti, Veriten Partner, joins 'Closing Bell Overtime' to talk oil prices and OPEC's latest decision.
The crude oil markets both look fairly weak, but we did see a bit of a bounce form the lows. Because of this, the market looks as if it is going to continue to attempt to find a bottom, in what has been a very ugly market.
Kevin Hincks urges investors to stay alert this week. Most Mag 7 earnings have passed but there's a lot around the economy that can ignite market moves.
Saudi Arabia's oil strategy shift boosts output, pressures prices, and reshapes the crude oil outlook for traders watching OPEC+ compliance and demand.