Brent Steady On Promising Global Appetite
Brent crude oil (BNO, quote) was steady above $108 as encouraging data from the world’s top two consumers helped raise the global demand outlook.
USO
Oil prices pause once again at stubborn resistance level
Oil appears to have run out out of steam once again, following the bullish rally during May, with $104 per barrel once again proving to be a major stumbling block, and as shown on the daily chart with the yellow dotted line.
Trade Alert – New Position – USO
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Ahead of the Open
As we begin the first full week of trading for May one has to wonder if the old saying will hold true…”Sell and Go Away In May”.
Yesterday’s price action confirming weakness in oil
If any further evidence were needed of the bearish sentiment towards oil, yesterday’s price action confirmed this weakness once more, as the commodity attempted to rise in early trading, before selling off sharply later in the oil trading session, with the June WTI futures contract closing at 101.28 per barrel, having hit an intra day high of $102.20 per barrel.
WTI crude oil futures now preparing to break below $100 per barrel
Whilst commodities such as nickel and coffee have been offering longer term investors excellent returns this year, and with soybeans set to join the party with some good rollover returns, crude oil has promised much but delivered little.
Crude Oil Playbook
WTI Crude Oil (USO, quote) prices moved slightly higher during overnight trading in Asia. Volume remains light as we approach the U.S. first trading of the week with New Zealand and Australia closed for holiday.
Brent Higher As Diplomacy In Ukraine Looking Less Likely
Brent crude oil (BNO, quote) ticked up on Thursday morning as rising tension in Ukraine increased worries about supply interruptions. The commodity traded at $109.72 at 8:25 GMT as peace talks in Geneva began to look less and less worthwhile.
Crude oil futures pause ahead of oil inventory data
The recent bullish trend for crude oil, appears to be running into a stubborn area of price resistance on the daily chart in the $104.50 per barrel area, the same level which saw the commodity sell of sharply back in early March.
Crude Oil Rockets on Crimea
Energy bulls are clearly in control this morning especially crude oil bulls. Brent crude (BNO, quote) continues its climb breaking through the $107 level.