Oil prices surged to $85.80, buoyed by a weaker dollar and unexpected U.S. inventory drawdowns, signaling a bullish trend.
Oil prices edged higher on Thursday as crude stocks fell after U.S. refineries ramped up processing and as gasoline inventories eased, signalling stronger demand.
Domestic oil production increased from 13.2 million bpd to 13.3 million bpd.
The crude oil bounced just a bit in the early hours on Wednesday, as we continue to look for buyers. At this point in time, it is getting to be a market that is trying to form a floor.
OPEC revised its global economic growth forecast for 2024 slightly higher to 2.9%. The cartel maintained its oil demand growth forecast of 2.2 million barrels per day for this year.
The Organization of the Petroleum Exporting Countries (OPEC) kept its 2024 and 2025 global oil demand growth forecasts unchanged at 2.25 million barrels per day (bpd) and 1.85 million bpd, respectively, it said in a monthly report on Wednesday.
The short-term outlook for oil prices appears cautiously bullish as persistent withdrawals from global stockpiles contribute to tightening supply.
Oil and NG price have dipped below the 200 EMA, signaling potential further declines. Investors should prepare for more selling pressure in the coming days.
Oil prices rebounded on Wednesday following three days of declines after an industry report showed U.S. crude and fuel stockpiles fell last week, indicating steady demand, and the outlook for interest rate cuts improved.
Testing key support at the 20-Day MA, crude oil could see a bullish breakout if the line holds and strength returns.
The port of Corpus Christi, a leading oil export terminal, has transitioned to post-storm recovery with no significant impact reported. All terminals at the port of Houston will remain closed Tuesday to assess and repair damage.
Oil futures saw modest losses early Tuesday after Hurricane Beryl appeared to do little lasting damage to energy facilities, following the storm's landfall on the Texas coast a day earlier.