Oil prices climbed on Wednesday on estimates about shrinking U.S. crude and gasoline inventories as the market watched for a possible widening of the Middle Eastern war, which could curtail global oil supplies.
Crude oil's 11.2% advance signals further upside potential, targeting 84.15. The bullish reversal and strong momentum support a continued rally above key resistance levels, but a pullback may occur first.
The crude oil market rallied a bit in the early hours of Tuesday, as the price continues to rise. At this point, both grades that we follow are pressing against significant resistance.
The U.S. crude oil benchmark eased a touch as an expected attack by Iran on Israel has not materialized. Concerns about the strength of global oil demand are also weighing on the market.
Oil futures were flat to slightly lower early Tuesday, consolidating after a five-day winning streak tied in part to fears of a more direct conflict between Israel and Iran that could threaten crude supplies from the Middle East.
Middle East tensions and OPEC's cautious demand forecast keep crude oil prices supported, with potential supply disruptions looming.
Oil prices edged lower on Tuesday, breaking a five-day streak of gains, as markets refocused on concerns about demand after OPEC on Monday cut its forecast for demand growth in 2024 due to softer expectations in China.
US crude oil prices have surged for the fifth straight day, surpassing $77 per barrel. This climb is driven by heightened geopolitical tensions following the Pentagon's decision to bolster military forces in the Middle East due to escalating threats from Iran towards Israel.
The crude oil market continues to see a lot of upward pressures, although we are still in a very difficult environment. With this, I am cautious about the commodity.
U.S. crude oil extended last week's gains as Middle East tensions continue to weigh on the market. Futures are trading higher even as OPEC lowered its demand forecast in part because of economic uncertainty in China.
OPEC on Monday cut its forecast for global oil demand growth in 2024, citing weaker than expected data for the first half of the year and softer expectations for China, and also trimmed its expectation for next year.
Oil prices rally on Mideast tensions and strong US data, boosting Brent and WTI. Analysts see continued bullish momentum with risks of supply disruption.