Factors supporting WTI crude oil, weekly outlook analysis

24 cze

This week, the crude oil market, especially WTI crude oil, experienced a series of fluctuations, ultimately ending the weekend trading session with a slight decrease in WTI crude oil futures prices. Despite pressure from a stronger US Dollar, growing US oil demand and falling fuel inventories supported crude markets, while geopolitical tensions added to market uncertainty.

The strength of the US Dollar has had a significant impact on the crude oil market. The dollar hit a seven-week high against major currencies, making dollar-denominated crude more expensive for holders of other currencies, potentially curbing oil demand. Global.
However, strong US economic activity, especially business activity hitting a 26-month high in June, has provided some support to oil demand.

WTI crude oil increased 3.23% this week to 80.52 USD/barrel. Brent crude oil increased 2.53% this week to 84.18/barrel.

Supply and demand dynamics:
Data from the US Energy Information Administration (EIA) showed that total petroleum product supply increased significantly last week to 21.1 million barrels per day, indicating that the US oil market is tightening. The arrival of the summer driving season, along with falling inventories, has pushed U.S. gasoline futures higher, reflecting growing demand.

Geopolitical factors:
Geopolitical tensions, especially the conflict between Israel and Lebanon and Houthi attacks in the Red Sea, have added pressure on crude oil markets. These events have raised concerns about supply disruptions, which could pressure oil prices.

General opinion:
Rising oil demand over the summer and rising geopolitical tensions in the Middle East are likely to be key factors that continue to drive crude oil markets, especially WTI crude. In addition, readers also need to pay attention to outstanding developments in the Fed's monetary policy because it will also affect oil prices because crude oil is priced in US Dollars.

Technical outlook analysis of USOIL
On the daily chart, WTI crude oil is gaining important upside potential with an uptrend formed and noticed by the price channel.

On the other hand, WTI crude oil is still stable above the 0.382% Fibonacci level, showing the possibility that it will continue towards the next Fibonacci level at 0.236% in the near future. Along with that is support from the EMA21 moving average.

In the short term, as long as WTI crude oil remains within the price channel, above the EMA21, and the RSI has not reached overbought levels, it still has a bullish technical outlook.

Notable levels will be listed again as follows.
Support: 80.04 – 77.70USD
Resistance: 82.94USD

11 lip

Uwaga

1 sie

Uwaga

WTI oil also received a boost from a decline in oil and gasoline inventories in the US, a positive signal for demand. According to the US Energy Information Administration (EIA), crude oil reserves in the US decreased by 3.4 million barrels last week, while gasoline reserves decreased by 3.7 million barrels.

19 sie

Uwaga

OIL FALLS MARGINALLY AND BRENT CONTINUES TO TRADE BELOW $80.. WHAT IS AFFECTING OIL MOVEMENTS?

Oil prices fell during Monday's trading, for the second day in a row, with Brent crude continuing to trade below $80 per barrel, after touching its lowest levels since August 9 for the second session amid investor concerns about oil demand levels in China, the world's largest importer of crude, after very negative data last week.

26 sie

Uwaga

Oil prices increased +0.035% after tensions between Israel and Lebanon continued to escalate over the weekend.

In terms of technical analysis, WTI oil prices rebounded before reaching the important support level around 72 USD/barrel. With concerns about US demand, oil prices may have more room to recover.

16 wrz

Uwaga

Oil prices (USOIL) recovered slightly to about 68.34 USD/barrel (+1.08%).