Oil prices are likely to rebound firmly as IEA has stepped up demand forecasts. Substitution of natural gas to oil ahead of Winters is strengthening the black gold. Trimmed odds for Fed’s hawkish guidance are also supporting oil prices. West Texas Intermediate (WTI), futures on NYMEX, has witnessed a minor pullback to near $93.00 after printing… Read More »
USD/CAD treads water around the lowest levels in two months. Global markets jitter as Fed policymakers resist cheering easy inflation figures. OPEC, IEA oil demand forecasts join cautious mood to weigh on energy prices. Flash forecasts for August month Michigan Consumer Sentiment Index will be crucial for fresh impulse. USD/CAD dribbles inside a choppy range… Read More »
WTI retreats from one-week high, probes two-day uptrend. OPEC, EIA anticipate world energy demand to ease in 2022, and increase next year. Mixed sentiment, light calendar could restrict short-term moves. US Michigan Consumer Sentiment Index eyed for clear directions. WTI crude oil prices remain sidelined at around $93.30-35 during Friday’s Asian session, pausing a two-day… Read More »
The 200-period EMA is acting as a major barricade for the counter. A bullish flag formation adds to the upside filters. The RSI (14) is attempting a break above 60.00, which will strengthen the oil bulls. West Texas Intermediate (WTI), futures on NYMEX, is displaying back and forth moves in a narrow range of $90.68-91.34… Read More »
WTI crude oil struggles to keep the US inflation-linked bullish bias. Resumption of Russian oil pipeline flows after six-day halt challenges US CPI-led advances. EIA inventory build, Fedspeak and challenges to risk profile also exert downside pressure on the oil prices. Monthly demand forecasts from OPEC, IEA will be important for immediate direction. WTI crude… Read More »
WTI picks up bids to reverse the pullback from weekly high. Energy prices struggle to please bulls as softer weekly API oil inventories battle risk-aversion wave. Russia’s suspension of oil supplies through Druzhba pipeline, hopes of higher demand per US oil refiners, pipeline companies favor bulls. Official Oil Stocks Change from EIA, US/China CPI for… Read More »
Oil prices are aiming for a break above $90.00 to trigger a bullish reversal. An upbeat US NFP has infused fresh blood into the oil bulls. The demand for oil is recovering in China as Covid-19 concerns fade. West Texas Intermediate (WTI), futures on NYMEX, is attempting to overstep the psychological resistance of $90.00 as… Read More »
WTI grinds higher after bouncing off the key Fibonacci retracement support. Sluggish RSI, MACD challenge further upside momentum but 61.8% golden ratio probes bears. Convergence of 200-DMA, two-month-old resistance line and 50% Fibonacci retracement level restricts short-term upside. WTI crude oil prices struggle to extend the latest rebound at around $90.00 during Tuesday’s initial Asian… Read More »
USD/CAD remains mildly offered while paring the biggest daily gains in three weeks. US dollar retreats amid sluggish session, oil prices cheer firmer China trade numbers, easing fears surrounding Taiwan. Canada jobs report failed to favor bulls but US NFP propelled hawkish Fed bets. US inflation will be important data for the week, risk catalysts… Read More »
WTI fades Friday’s bounce off six-month low, renews intraday bottom of late. Market sentiment sours amid increased hawkish Fed bets, Sino-American tension over Taiwan. OPEC+ verdicts failed to impress buyers amid recession woes. US CPI for July will be crucial this week, risk catalysts can offer intermediate directions. WTI crude oil prices remain depressed at… Read More »
