Are we poised to see a push toward resistance levels, or is there more to the story?
Oil prices test key levels as Libya's output cuts and U.S. inventory shortfall heighten global supply concerns.
Oil prices held mostly steady on Thursday as a smaller-than-expected draw in U.S. crude inventories and continued worries over China demand countered supply disruptions out of Libya.
Domestic oil production declined from 13.4 million bpd to 13.3 million bpd.
Crude oil markets continue to see a lot of noise, and the Wednesday session was no different. At this point in time, the market is likely to continue to drop in the short term, but there is a massive amount of support in both grades of oil that I follow.
Oil prices were edging lower on Wednesday morning, following a sharp pullback that halted a recent three-day rally ahead of the release of weekly U.S. inventories data.
A political standoff in Libya risks once more paralyzing the north African country's lucrative oil sector. But the frequency of its power tussles and crude disruptions have left long-term oil price support into question.
Oil prices are falling for the second day in a row as the market selloff continues. Traders have largely dismissed the threat of supply disruptions in Libya, which triggered a rally earlier in the week.
Crude oil prices dip as global demand concerns outweigh potential supply disruptions in Libya and the Middle East, signaling a bearish outlook.
While Canadian energy companies have proven resilient, the recent divergence between commodity prices and energy stock performance warrants closer scrutiny. Despite a notable decline in commodity prices since the quarter's inception, energy stocks have exhibited unexpected relative strength.
Oil rebounded on Wednesday after a sharp drop in the previous session ended a three-day streak of gains as investors have whipsawed between concerns about potential supply losses from Libya and the Middle East and worries about global fuel demand.
Crude oil consolidates between key moving averages, with potential for a bullish breakout targeting $81.96, though risks of a deeper pullback remain.