Brent Oil has further extended its uptrend after breaking above July peak ($78.00). Strategists at Société Générale expect to see a gradual advance towards $88.50 and $90.60. Brent Oil is in vicinity to 2016 levels of $86.75.
Oil Price Forecast: U.S. West Texas Intermediate and international-benchmark brent crude oil futures are trading higher today as energy companies continue to struggle with output halted after Hurricane Ida made landfall about two weeks ago.
Oil Price Forecast: U.S. West Texas Intermediate and international-benchmark Brent crude oil futures closed higher last week after recovering from early weakness. Nonetheless, the buying was not that strong with the market finishing lower the last two days of the week.
Crude Oil Futures Today: CME Group’s flash data for crude oil futures markets noted open interest rose for the second session in a row on Thursday, now by around 19K contracts. Same path followed volume, up by around 66.7K contracts.
Potential weakening fundamentals are visible on the crude oil demand-side especially in the Asia Pacific region said, Zhuwei Wang, lead analyst-Middle East oil markets at S&P Global Platts Analytics, on Tuesday.
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.
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.