Crude Oil is up about 1% this morning but trading off its overnight high of 57.04. Price action was suppressed through much of Friday until news broke that Iran seized a British tanker.
Too much, too soon. The 36% increase in crude oil prices since August is likely to stimulate a strong production response, with a typical lag, sufficient to keep oil inventories elevated above the five-year average for all of 2018, despite the extension of OPEC’s production cut to the end of the year. It may even undermine OPEC compliance and negatively impact oil demand.
Crude oil prices have bounced off their worst levels amid profit-taking after falling for the third consecutive day. Oil prices have given back a significant chunk of their gains made over the past couple of weeks.
Although a touch higher today, crude oil prices have given back a good chunk of their recent sharp gains and both Brent and WTI are trading lower three days into the week.
Market players who were expecting fireworks from President Donald Trump’s first State of the Union address were left empty-handed following the dollar’s fairly muted response.
As we have an inverted hammer candle on the WTI crude oil daily chart, with a volume spike, it can be a short opportunity.
Overnight saw the price of WTI crude hit its best level since May 2015, before falling back a little.
Crude oil prices are up for the third consecutive trading session with Brent hitting a new high for 2017 today.
News that U.S. oil inventories fell by a sharper-than-expected 3.4 million barrels last week initially caused WTI prices to turn positive earlier today
Mass detentions signal a seismic change in Saudi leadership—which, in turn, is putting upward pressure on global oil prices.