MARKET OUTLOOK:-
Oil gains with supply constraints in focus after #Saudi cuts
Oil prices rose almost 1% on Thursday after a fall in U.S. stockpiles added further support following the unilateral decision by Saudi Arabia, the world's biggest exporter, to cut output over the next two months.
It was not immediately clear how the storming of the #U.S. Capitol by supporters of President Donald Trump would impact oil markets, although some analysts believe President-elect Joe Biden's administration will clamp down on U.S. oil production.
Brent crude was up 44 cents, or 0.8%, at $54.74 a barrel by 0734 GMT, after gaining 1.3% overnight. U.S. West Texas Intermediate (#WTI) gained 51 cents, or 1% to $51.14. The contract rose 1.4% on Wednesday.
Saudi Arabia, the world's biggest oil exporter, said it would voluntarily cut 1 million barrels per day (bpd) of output in February and March, after #OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers, including Russia, met earlier this week.
A lower dollar, which makes oil cheaper because the commodity is mostly traded using the greenback, is also supporting prices, analysts said.
U.S. crude stocks dropped and fuel inventories rose, the Energy Information Administration said on Wednesday. [EIA/S]
Crude inventories were down by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, against a Reuters poll showing analysts expected a 2.1 million-barrel decline.
The drop in crude stocks is a typical year-end occurrence as energy companies take oil out of storage to avoid tax bills.
A sustained rise in WTI prices, though, may result in a resurgence in U.S. output.
Trump supporters swarmed the U.S. Capitol on Wednesday, sending it into lockdown, as Vice President Mike Pence refused a demand from the president to cancel his loss to President-elect Biden. Police have declared the situation secure and the certification of the election result has resumed.
"I'm not sure it changes anything fundamentally but what everyone will be looking at is how the equity markets react, as well as the U.S. dollar," said Matt Stanley, senior broker at Star Fuels in Dubai.
"It can be argued that oil has been happy to ride along with the equity market."
On the technical front, #BrentCrude RSI stood at 71.244 the current price is trading Above All the Moving Averages. So, a BUY trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Brent Crude– BUY: 54.10, TARGET:55.50, STOP LOSS:53.50.
Oil gains with supply constraints in focus after #Saudi cuts
Oil prices rose almost 1% on Thursday after a fall in U.S. stockpiles added further support following the unilateral decision by Saudi Arabia, the world's biggest exporter, to cut output over the next two months.
It was not immediately clear how the storming of the #U.S. Capitol by supporters of President Donald Trump would impact oil markets, although some analysts believe President-elect Joe Biden's administration will clamp down on U.S. oil production.
Brent crude was up 44 cents, or 0.8%, at $54.74 a barrel by 0734 GMT, after gaining 1.3% overnight. U.S. West Texas Intermediate (#WTI) gained 51 cents, or 1% to $51.14. The contract rose 1.4% on Wednesday.
Saudi Arabia, the world's biggest oil exporter, said it would voluntarily cut 1 million barrels per day (bpd) of output in February and March, after #OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers, including Russia, met earlier this week.
A lower dollar, which makes oil cheaper because the commodity is mostly traded using the greenback, is also supporting prices, analysts said.
U.S. crude stocks dropped and fuel inventories rose, the Energy Information Administration said on Wednesday. [EIA/S]
Crude inventories were down by 8 million barrels in the week to Jan. 1 to 485.5 million barrels, against a Reuters poll showing analysts expected a 2.1 million-barrel decline.
The drop in crude stocks is a typical year-end occurrence as energy companies take oil out of storage to avoid tax bills.
A sustained rise in WTI prices, though, may result in a resurgence in U.S. output.
Trump supporters swarmed the U.S. Capitol on Wednesday, sending it into lockdown, as Vice President Mike Pence refused a demand from the president to cancel his loss to President-elect Biden. Police have declared the situation secure and the certification of the election result has resumed.
"I'm not sure it changes anything fundamentally but what everyone will be looking at is how the equity markets react, as well as the U.S. dollar," said Matt Stanley, senior broker at Star Fuels in Dubai.
"It can be argued that oil has been happy to ride along with the equity market."
On the technical front, #BrentCrude RSI stood at 71.244 the current price is trading Above All the Moving Averages. So, a BUY trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Brent Crude– BUY: 54.10, TARGET:55.50, STOP LOSS:53.50.
Oil climbs to 13-month highs on output cuts, demand recovery hopes
On the technical front, Brent RSI stood at 80.562 the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL- BRENT – BUY 60.90, TARGET:61.40, STOP LOSS:.60.65.
Checkout the full article
https://www.capitalstreetfx.com/en/oil-climbs-to-13-month-highs-on-output-cuts-demand-recovery-hopes/
#TradeSuggestion #TradeSignals #CrudeOil #BrentCrude
On the technical front, Brent RSI stood at 80.562 the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL- BRENT – BUY 60.90, TARGET:61.40, STOP LOSS:.60.65.
Checkout the full article
https://www.capitalstreetfx.com/en/oil-climbs-to-13-month-highs-on-output-cuts-demand-recovery-hopes/
#TradeSuggestion #TradeSignals #CrudeOil #BrentCrude
Capital Street FX
Oil climbs to 13-month highs on output cuts, demand recovery hopes - Capital Street FX
Oil prices edged up to their highest in 13 months on Tuesday as supply cuts by major producers and optimism over fuel demand recovery support energy markets. Brent Crude futures for April gained 48 cents, or 0.8%, to $61.04 a barrel by 0443 GMT. U.S. West…
Oil steady amid Texas supply disruptions, potential OPEC+ moves
On the technical front, Brent Oil RSI stood at 84.712 the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Brent Oil – BUY 63.90, TARGET:64.90, STOP LOSS:.63.40.
Checkout the link for detailed analysis
https://www.capitalstreetfx.com/en/oil-steady-amid-texas-supply-disruptions-potential-opec-moves/
#OilPrices #CrudeOil #BrentCrude #WTI
On the technical front, Brent Oil RSI stood at 84.712 the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL- Brent Oil – BUY 63.90, TARGET:64.90, STOP LOSS:.63.40.
Checkout the link for detailed analysis
https://www.capitalstreetfx.com/en/oil-steady-amid-texas-supply-disruptions-potential-opec-moves/
#OilPrices #CrudeOil #BrentCrude #WTI
Capital Street FX
Oil steady amid Texas supply disruptions, potential OPEC+ moves - Capital Street FX
Bullish oil prices marked time on Wednesday, as support from supply disruptions in the U.S. south caused by an Arctic blast was offset by expectations that OPEC producers may ease their output curbs after April. U.S. West Texas Intermediate (WTI) crude futures…
Oil prices slip on surprise build in U.S. crude stocks
On the technical front,CRUDE OIL WTI RSI stood at 74.150 the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL- CRUDE OIL WTI – BUY: 62.10, TARGET:63.10, STOP LOSS:61.60.
Checkout the below link
https://www.capitalstreetfx.com/en/oil-prices-slip-on-surprise-build-in-u-s-crude-stocks/
#CrudeOil #BrentCrude #WTI #OilPrices #GulfNews
On the technical front,CRUDE OIL WTI RSI stood at 74.150 the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL- CRUDE OIL WTI – BUY: 62.10, TARGET:63.10, STOP LOSS:61.60.
Checkout the below link
https://www.capitalstreetfx.com/en/oil-prices-slip-on-surprise-build-in-u-s-crude-stocks/
#CrudeOil #BrentCrude #WTI #OilPrices #GulfNews
Capital Street FX
Oil prices slip on surprise build in U.S. crude stocks - Capital Street FX
Oil prices were lower on Wednesday after industry data showed a surprise build in U.S Crude stocks last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut. Crude stockpiles rose by 1 million barrels in the…
OIL UP, REMAINS ABOVE $75 MARK, AS MARKET CONTINUES TO TIGHTEN
Brent Oil was trading 0.10% down at $77.16.
Brent oil futures rose 1.20% to $78.16 by 10:36 PM ET (2:36 AM GMT) and WTI futures jumped 1.27% to $74.92. Both Brent and WTI futures were above the $75 mark, with the former hitting its highest level since October 2018.
Brent Oil , RSI Stood at 64.115, the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL-Brent Oil– Buy: 77.10, TARGET:-83.10, STOP LOSS:- 74.10.
https://www.capitalstreetfx.com/en/oil-up-remains-above-75-mark-as-market-continues-to-tighten/
#CrudeOil #BrentCrude #WtiCrude #TradeSignal #TradeAnalysis #MarketForecast #TradeSuggestion
Brent Oil was trading 0.10% down at $77.16.
Brent oil futures rose 1.20% to $78.16 by 10:36 PM ET (2:36 AM GMT) and WTI futures jumped 1.27% to $74.92. Both Brent and WTI futures were above the $75 mark, with the former hitting its highest level since October 2018.
Brent Oil , RSI Stood at 64.115, the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL-Brent Oil– Buy: 77.10, TARGET:-83.10, STOP LOSS:- 74.10.
https://www.capitalstreetfx.com/en/oil-up-remains-above-75-mark-as-market-continues-to-tighten/
#CrudeOil #BrentCrude #WtiCrude #TradeSignal #TradeAnalysis #MarketForecast #TradeSuggestion
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