Top oil exporter Saudi Arabia may lower its crude prices for Asian buyers in May to a three-month low, tracking the steep declines in benchmark prices this month, traders said.
Oil nears one-month highs as supply tightens, but tariff risks and weak demand cap upside. Traders eye key resistance and global macro drivers.
Oil prices were mixed in early Asian trade. The oil market could see growing volatility and pullback risks, said Exness.
Paul Sankey, Sankey Research, joins 'Fast Money' to talk what's next for oil prices and energy stocks.
After a strong rally, crude oil faces resistance near $70.61. A bullish hammer suggests continued strength, but breaking the 50-Day MA remains crucial for upside potential.
The crude oil markets look like they are taking a bit of a break after the big run higher on Thursday but are also seeing quite a few buyers step into them. At this point, the bottom looks to be in.
Oil executives issued scathing criticism of President Donald Trump's policies in anonymous responses to a survey by the Federal Reserve Bank of Dallas. They said Trump's tariffs and his "drill, baby, drill" message are creating uncertainty and making it difficult to plan for future projects.
Crude oil dips after testing 200-day MA. Traders weigh Venezuela sanctions, auto tariffs, and OPEC supply plans in shaping oil market sentiment.
Surging demand for electricity presents huge new investment needs as well as regulatory challenges.
WTI crude oil continues to rally from the support zone, while natural gas is nearing the support level of around $3.50.
Oil prices nudged higher on Thursday on concerns about tighter global supply after the U.S. tariff threat on Venezuelan oil buyers, while market players also grappled with the impact of Donald Trump's latest announcement on auto-sector tariffs.
Oil edged higher in the early Asian trade. Despite the economic risks from trade tensions, the current balance between strong U.S. demand and supply constraints due to geopolitical factors is creating a bullish environment for oil, Pepperstone said.