Downward pressure persists as crude oil struggles near multi-year lows, with support at $65.40 critical for determining the next move.
Scott Sheffield, Pioneer Natural Resources founder, joins 'Power Lunch' to discuss the steel business, impact of tariffs and the lawsuit against the FTC.
Nigeria will be able to meet OPEC's production target, an executive from Nigeria's state oil company NNPC said on Tuesday.
The crude oil markets are looking to find some kind of support, as we are testing a major three year support level at this point in time. The oil markets are worried about the potential for an economic slowdown, which could drive down demand.
Oil futures rose early Tuesday, bouncing after ending the previous session at six-month lows amid a global selloff for equities and other assets perceived as risky.
Oil and natural gas prices remain volatile as OPEC+ supply shifts and recession fears weigh on demand. Can key support levels hold, or is more downside ahead?
WTI crude oil continues to drop below the long-term support zone, while natural gas has hit strong resistance at $4.90.
Oil prices fell for a second day in early trade on Tuesday on worries that U.S. tariffs on Canada, Mexico and China would slow economies around the world and hurt energy demand while OPEC+ ramps up its supply.
Energy Secretary Chris Wright said that it “certainly is possible” that the U.S. could reach an agreement with Canada that avoids tariffs on gas and oil, but “it's too early to say.” Trump paused until April 2 tariffs on Mexican and Canadian imports that comply with the United States-Mexico-Canada Agreement.
Chris Wright also signed a permit extension for of natural gas export terminal in Louisiana.
The crude oil market continues to see a lot of noisy trading, but at this point in time, the markets are looking to determine whether or not the three year support area will continue to hold.
Oil futures were holding small gains early Monday, consolidating after a seventh straight weekly loss for the U.S. crude benchmark tied to uncertainty over trade policy and other worries.