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Crude Oil Price: U.S. West Texas Intermediate and international-benchmark Brent crude oil price rose for a fifth week last week as fuel demand rebounded on strong economic growth and increased travel during the northern hemisphere summer, while crude supplies remained tight as the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, maintained production cuts.
Oil Price Forecast: U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading higher on Monday after hitting a more than two year high earlier in the session.
Crude oil prices extended higher during Wednesday morning APAC trade before pulling back slightly mid-day. Prices surged 1.46% a day ago and closed a hair beneath the $ 68.00 figure. Yet this still marked the highest level seensince October 2018.
CME Group’s advanced prints for Crude Oil futures markets noted open interest dropped for the second session in a row on Thursday, this time by around 10.5K contracts. Volume followed suit and went down markedly for the second consecutive day, now by around 195.6K contracts.
WTI Crude News: After starting the day on a firm footing and reaching fresh monthly highs on Tuesday, crude oil prices turned south in the second half of the day and the barrel of West Texas Intermediate (WTI) lost 1.7% to settle at $62.38.
Crude Oil Futures: Investors trimmed once again their open interest positions in Crude Oil futures markets on Monday, now by around 4.6K contracts, according to preliminary figures from CME Group. In the same line, volume shrunk for the third session in a row, this time by around 6.8K contracts.
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 !!!!