WTI Futures: Front-month WTI continue to consolidate within recent ranges, having spent practically all of Thursday’s session so far between the $59.00 and $60.00 levels. Crude oil market participants continue to juggle positivity about the prospect for a global economic rebound as a result of vaccines (led by strong growth in the US), against near-term demand concerns as a result of rising infection rates in a number of key crude oil-consuming countries. For now, WTI is trading just above the $59.50 mark and is flat on the session.
Crude Oil Futures Today: CME Group’s flash data for Crude Oil futures markets noted traders added around 8.3K contracts to their open interest positions on Wednesday, reversing two consecutive daily pullbacks. Volume followed suit and rose for the second straight day, this time by around 122.3K contracts.
Crude Oil Weekly Price Forecast: The West Texas Intermediate Crude Oil market has initially pulled back during the course of the week but then rallied again to show signs of resiliency. The $60 level looks to be supportive and of course we have a significant amount of support based upon that longer-term trendline.
CRUDE WTI :::::::::::Below $ 58 if breaks and sustains then only big slide. No charm on rise sell slowly !!!!
Crude Oil Price: The crude oil futures contract is trapped between a pair of retracement zones at $65.45 to $66.00 on the upside and $63.44 to $62.41 on the downside. U.S. West Texas Intermediate crude oil futures are weaker early Thursday after finishing lower for a fourth straight session.
WTI Crude: West Texas Intermediate struggled to capitalize on the previous day’s goodish bounce from four-day lows and witnessed a subdued/range-bounce price action during the Asian session. The commodity was last seen hovering around the $64.80-75 region, nearly unchanged for the day.
WTI Price Analysis: WTI eyes recovery pushing back the oil bears during the three-day downtrend on early Tuesday. In doing so, the black gold jumps off 200-HMA to print $64.90, down 0.60% intraday, by the press time.
Oil Price Fundamental Weekly Forecast: After a weak start last week on expected production hikes by OPEC+, U.S. West Texas Intermediate and international-benchmark Brent crude oil jumped higher following the decision by OPEC+, not to increase oil output, except to Russia and Kazakhstan.
Crude oil traded near $62 a barrel, with traders focusing on a critical OPEC+ meeting that may see supply curbs eased, while tracking events in the Middle East after Houthi rebels said they hit a Saudi Aramco site with a missile.
Asian Diesel Glut to Swell as Indian Oil Refiners Boost Exports: Asia’s diesel glut looks likely to worsen and may weigh on the profit margins of refiners as Indian processors seek to export more of the fuel and China is awash with a domestic surplus.