WTI Crude Oil Forecast: Pullback Targets $79 Support Zone
WTI crude oil extends its bearish pullback as the $79.95–$78.70 support zone comes into focus, while a larger triangle points to a breakout ahead.
WTI crude oil extends its bearish pullback as the $79.95–$78.70 support zone comes into focus, while a larger triangle points to a breakout ahead.
Pakistan's mediation efforts put additional pressure on oil prices.
WTI breaks below its 50-day EMA as the Middle East fear premium fades, while Brent falls under $90 and approaches key support near $85.
Natural gas is mostly flat as weather forecasts indicate that demand will stay at high levels this week. Strong production and high storage levels continue to serve as negative catalysts for natural gas markets.
WTI and Brent crude oil forecasts focus on quiet Middle East headlines, Brent's key $93 level and potential moves toward $88 support or $100.
Oil markets are moving higher as traders bet that the Strait of Hormuz would remain closed in the upcoming weeks.
Oil prices steadied near four-week highs on Friday and were headed for a second weekly advance as the unresolved US-Iran conflict kept Middle East supply risks elevated. Brent crude was around $93.5 a barrel in early Asian trade after touching $94.71 on Thursday, its highest since late July. WTI traded near $86.5 after gaining 2.3% in the previous session. Both benchmarks eased modestly on Friday after five straight days of gains, but Brent was still up more than 5% for the week and WTI was also firmly positive. Hormuz keeps the risk premium in Brent The Strait of Hormuz remains the market's main pressure point. Only seven commodity vessels crossed the waterway on Thursday, down from 14 a day earlier,…
PSX could benefit from tight global fuel supplies, low inventories and high crack spreads, even as WTI above $85 raises refiners' input costs.
Crude oil is grinding away on Friday, as many traders probably don't know what to do with the headline-driven market at the moment.
The crude oil market continues to see a lot of noise on Thursday as traders are watching headlines from the Middle East and the Strait of Hormuz for clues.
Oil prices remain supported by Strait of Hormuz tensions, but rising U.S. inventories may limit gains as WTI and Brent approach important breakout levels.
WTI and Brent hold their recoveries as Hormuz export uncertainty persists, while ample U.S. production keeps natural gas supply comfortable.
Crude oil continues to move on each headline as the Middle East is still front and center as far as global concerns rank, with rates continuing to be an issue as well.
The crude oil market initially pulled back a bit after gapping higher on Monday before pulling back, only to be thrown higher by headlines again.
Oil markets balance slowing Hormuz shipping against weaker global demand as WTI and Brent consolidate while natural gas breaks key support.
WTI and Brent rallied as Hormuz tanker attacks, an indefinite Iran blockade threat and a Russian export outage rebuilt oil's supply premium.
The crude oil market initially tried to rally during the trading session here on Friday, but it looks like nobody really wants to put a lot of money in this market.
Oil traders bet that U.S. will use economic pressure to push Iran to negotiations.
Crude oil drifts a little lower in early trading, as we continue to watch the headlines coming out of the Middle East, as there is so much in the way of uncertainty.
Oil prices face pressure from weaker demand and rising U.S. inventories, but Middle East supply risks keep WTI and Brent supported near key breakout levels.