Crude Oil

Crude prices remain on a slippery slope after the OPEC+ failed to impressive with their voluntary output cuts last week. From Thursday’s high point, oil prices have now fallen about 12% so far. On Wednesday, brent dropped below $75 and WTI took out $70, with both contracts falling in excessive 3.5% each on the day.

Can rebounding oil prices fuel rally in energy stocks like BP and Shell? FTSE technical analysis hints at potential recovery for UK index. Meanwhile, Brent crude oil rises above 200-day average ahead of OPEC meeting.

The tail risks of a failure for OPEC+ to reach an agreement is on the rise, presenting an underappreciated potential for even more volatility in the crude oil market...

Crude oil analysis: Investors await OPEC+ meeting on Nov 30. We expect rollover of Saudi and Russia cuts, which could help to support prices. WTI needs an interim higher high above $77.60-$78.50 to signal trend reversal after intense selling over the past several weeks.

What does the OPEC+ delaying meeting means for oil prices? And GBP/USD is in focus as pound drops after autumn statement. But was that because of the overall recovery in US dollar, following the release of mostly stronger data?

Both WTI and Brent crude oil could rally further from here after breaking out of their bearish channels...

Crude oil prices started the week on the backfoot before turning positive at the time of writing. The recovery comes after prices started to stabilise at the end of last week, following a sharp 3-week decline despite Israel’s increased military operation in Gaza. Have oil prices finally bottomed?

The bullish supply-demand picture from the third quarter has reversed, driving crude oil prices sharply lower so far this week

Investors’ focus will remain on oil prices after their recent sharp gains amid the ongoing supply cuts by the OPEC and allies, and in light of today’s bullish reversal. Owing to concerns over a crude supply deficit, there is a good chance we could see oil prices climb above $100 and thus stoke inflationary worries further.

The pullback in crude oil could be deemed a healthy development, correcting an unsustainable, one-sided trade which left the contract overbought and over-loved.

WTI crude has risen to $91.65 per barrel (bbl) at time of writing, with a $93.44 high Brent crude oil has risen to $94.58 per barrel (bbl) at time of writing, with a $95.66 high The US dollar index has risen to 105.2 with strong momentum

A decent pullback in crude oil is not a stretch given how lopsided near-term sentiment and positioning appears to be.

Crude oil looks set to resume its battle with sellers parked around the $84 per barrel level.

Welcome to Technical Tuesday, a weekly report where we highlight some of the most interesting markets that will hopefully appease technical analysts and traders alike. In this week’s report, we are getting technical on the AUD/USD and NZD/USD, as well as WTI crude oil, as traders await key data in the second half of the week.

The momentum is clearly to the upside, which means the crude oil outlook is still positive. Next week's key event is likely to be the data dump from China.

Our bullish crude oil outlook has been provided a fresh impetus as we start a new quarter.

Our crude oil outlook remains positive after much of the selling pressure was absorbed successfully in June, with WTI refusing to remain below $70.