Oil prices were mixed on Friday following a potential renewal of supply risk as Israel and Hezbollah traded accusations of ceasefire violations, and as a delay to an OPEC+ meeting left investors awaiting a decision on its output policy.
Oil prices were mixed in early Asian trade amid thin trading volumes. Geopolitical tensions appeared to be easing momentarily as Israel and Hezbollah reached a deal for a 60-day cease-fire, ANZ Research analysts said.
Crude oil trades in a narrow range as bearish consolidation persists, though a bullish declining wedge formation signals a potential upside breakout but only if it triggers.
The crude oil market continues to see a lot of sideways action at the moment, as we are continuing to consolidate as the Thanksgiving holiday is being observed. While there are some futures trades going on, the liquidity is thin at the moment.
Unexpected U.S. gasoline build dampens oil demand outlook. OPEC+ meeting delay adds to uncertainty for crude oil futures.
The OPEC+ oil alliance has postponed a meeting to decide the next steps of its crude production strategy to Dec. 5, two delegate sources told CNBC.
Oil prices edged lower in Asian trading on Thursday, after a surprise jump in U.S. gasoline stocks ahead of the nation's Thanksgiving holiday sparked worry over demand in the top consumer of the motor fuel.
The US dollar and natural gas are correcting lower from resistance levels, while the oil market fluctuates within a triangle pattern.
Oil prices were flat in early Asian trading. The market is waiting for the next move by OPEC, ANZ research analysts said.
During the early hours of Wednesday, crude oil markets were relatively flat as we are sitting in the middle of a larger consolidation range for both grades that I follow for FX Empire. Because of this, I suspect that a lot of traders are not willing to stick their necks
Oil futures edged higher Wednesday as traders turned their attention to a weekend meeting of OPEC+.
Crude oil steadies near $69.11 as traders await OPEC+ meeting. Key resistance levels and inventory data shape the short-term oil outlook.