Light crude breaks 50-day moving average resistance, now challenging 200-day MA on Iran tensions. Technical analysis points to potential rally toward $64.75.
Oil prices paused their run of gains on Wednesday, slipping after four days of increases, as Venezuela resumed exports, but fears of Iranian supply disruptions following deadly civil unrest in the major Middle Eastern producer loom over the market.
Oil futures edged lower in early Asian trade on a likely technical correction after the futures settled overnight at their highest level since late October.
Crude oil confirmed a bullish trend reversal after breaking multiple resistance levels, with strong momentum pointing toward higher targets near the 200-day average and clustered Fibonacci resistance.
Joe Terranova, Senior Managing Director for Virtus Investment Partners, joins CNBC's "Halftime Report" to detail his latest buy in the energy sector.
Venezuela oil exports reportedly resume as two supertankers carrying 1.8 million barrels each depart under Trump's new policy shift toward the country.
Norway on Tuesday awarded stakes in 57 offshore oil and gas exploration licences to 19 companies in its annual licensing round, the country's energy minister told an industry conference.
Oil assets that Russia develops in Venezuela belong to Russia, which will continue working there, Moscow said on Tuesday, after U.S. President Donald Trump's claims of control over the South American country.
Cubans are bracing for impact after U.S. President Donald Trump vowed to cut off a lifeline of Venezuelan oil from reaching Cuba, setting up a siege scenario for an island already reeling from crippling blackouts and shortages.
Continental Resources chairman Harold Hamm discusses the U.S.' interest in Venezuela's vast oil reserves and more on 'Kudlow.' #fox #media #us #usa #new #news #foxbusiness #kudlow #oil #energy #venezuela #economy #business #politics #political #politicalnews #government #global #markets #wealth
Oil prices hit seven-week highs on Iran tensions but gains were capped by expected Venezuelan supply, while technicals show oil rebounding toward $62.
A boom-and-bust region is feeling the pinch from cheap oil, even as low prices help at the pump.