Crude Oil Drifts Lower
Crude oil prices have eased back at the start of this week, with a barrel of Brent costing $62.25 and WTI $57.25.
Oil
Crude Up For Fifth Day Ahead Of US Oil Inventories
Believe it or not, crude oil is actually up for the fifth consecutive day now. Despite on-going bearish news flow and downbeat sentiment, oil prices appear stable ahead of the official US weekly crude inventories data from the Energy Information Administration (EIA) later this afternoon.
Crude Remains Undermined By Rising US Oil Supply
Crude oil was unable to hold onto its gains on Monday after appearing for a while to have ended its bearish run. Oil prices have fallen for three consecutive weeks after the OPEC and Russia failed to surprise the markets with their decision to extend the oil production deal.
Crude Oil Gushes Higher On Russia, Saudi Agreement
The price of oil has surged higher at the start of the new trading week. This has helped to lift energy stocks and also underpin commodity currencies such as the Canadian dollar (FXC, quote).
Commodities – Metals, Crude Oil Rebound
Commodities price are firmer today with base and especially precious metals ending a bad run off losses, while crude oil has extended its gains from the day before when it rallied sharply on the back of the weekly US oil inventories report.
Crude Oil Remains Downbeat
Market participants in crude oil are continuing to shrug off persistent jawboning from oil ministers of some OPEC countries, most notably Saudi Arabia, about extending the production cuts into the second half of 2017, and possibly the first quarter of 2018.
Stopping Volume Appears On The Daily Oil Chart
Last week was an interesting one for oil traders (USO, quote) and speculators, as crude oil continued to move lower from Monday to Thursday, before bouncing strongly on Friday and closing in positive territory for the day, with a deep wicked candle on the daily chart and associated with high volume.
USDCAD Forecast May 5, 2017, Technical Analysis
The US dollar continues to grind sideways against the Canadian dollar as we have seen over the last couple of days. I believe that the market breaking down in WTI Crude suggests that the market will eventually go higher.
It’s A Tough Life For OPEC!
The recent rally for crude oil, came to a shuddering halt this week with Wednesday’s wide spread down candle driving oil prices firmly back towards the $50 per barrel region, and wiping out much of the gains of the last few weeks.
Crude In Risk Of Correction But Outlook Still Bullish
Both oil contracts have bounced back a little after Thursday’s sharp plunge. The all-time high crude stockpile levels in the US is the number one reason behind oil’s inability to move further higher in recent weeks.