The bearish trend in crude oil persists, nearing critical support levels. Once complete, technical analysis indicates possible eventual upside breakout.
Crude oil prices continued falling Tuesday, extending a month-long decline despite aggravated hostilities in the Middle East and dwindling U.S. supplies.
The crude oil markets continue to see downward pressure, but both of the grades that I follow are close to supportive regions. The markets may be looking at pricing some kind of economic slowdown currently.
China's sluggish economy is overshadowing escalating tensions in the Middle East. Israel is expected to retaliate against the Iran-backed militia Hezbollah, after a rocket fired from Lebanon killed 12 children.
Oil futures hovered near unchanged early Tuesday, unable to shake off recent weakness tied to concerns about the outlook for demand from China, the world's largest crude importer.
BP PLC (LSE:BP.) announced a second-quarter profit of $2.76 billion, surpassing market expectations.
British oil giant BP posted underlying replacement cost profit, used as a proxy for net profit, of $2.8 billion for the second quarter. That beat analyst expectations of $2.6 billion, according to an LSEG-compiled consensus.
Oil prices slipped in early Asian trading on Tuesday, extending losses from the previous session, over concerns about Chinese demand and as the market shrugged off the risk of conflict escalating in the Middle East.
Oil futures slid by nearly 2% to seven-week lows by the close of trading in the U.S. on Monday, as global demand concerns outweighed rising geopolitical tension in the Middle East.
The oil market has been a bit slippery over the last few days, as we are trying to figure out whether or not we have hit the floor. Ultimately, there are a lot of different things coming together in order to set up the next big move.
A rocket fired from Lebanon killed 12 children in an Israel-occupied the Golan Heights on Saturday. Israel has blamed Hezbollah for the attack.
Indian refiner Hindustan Petroleum reported a drop in first-quarter profit on Monday, hurt by lower marketing margins as the price of crude oil remained high.