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Crude oil outlook: WTI could reach $80

Factors that oil investors will be focusing on this week are discussed in this article, but in short, the risks remained skewed to upside despite despite choppy recent price action.

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Yesterday 04:30 PM
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Gold, crude oil looking heavy despite reversal in bond yields, US dollar

Gold and crude oil are looking heavy despite a large reversal in US bond yields from the highs struck on Tuesday, unable to find any meaningful traction despite the improvement in risk appetite and softer US dollar.

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February 15, 2024 06:46 AM

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Crude oil outlook: What now after a volatile two weeks?

Oil prices posted about a 7% weekly loss a week ago. But by Friday afternoon trading, when this report was written, crude had recouped much of those losses. Prices were now up around 5% on the week, with Brent oil trading around its 200-day moving average at $81.50.

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February 11, 2024 07:00 AM

Crude oil drifts into pivotal level, bears circle gold: European Open

WTI crude is trying to rise for a third day in line with my bullish bias, although resistance nearby hints at a pullback at the least. Momentum for gold has turned lower, and it looks like bears may not quite be done yet.

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February 8, 2024 05:42 AM

WTI crude oil looks stretched around its cycle lows

Crude oil prices fell over 10% in just five days, from the Jan 29th high to Monday’s low. And with support on hand, its downside potential could be limited over the near term.

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February 6, 2024 01:50 AM

Crude oil bulls eyeing key support following largest three-day plunge in months

Crude oil finished last week nursing its largest three-day decline since October, sliding 7.1% despite escalating geopolitical tensions. But with US and UK forces bombing Iranian-backed militia targets in Yemen, Iraq and Syria over the weekend, grounds for a bounce may be increasing.

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February 4, 2024 11:58 PM
Oil drilling in sea

Crude oil outlook: WTI plunges on Gaza ceasefire news, China concerns

Crude oil plunges, but Middle East tensions still remain high despite potential ceasefire between Israel and Hamas. IMF raises global GDP forecasts as US economy again displays resilience, as evidence by a robust jobs report. But China remains a concern.

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February 4, 2024 09:00 AM

WTI technical analysis: Crude oil turns positive - Technical Tuesday

Crude oil is already supported on raised geopolitical risks but now we also have improved demand outlook, after the IMF raised its global GDP forecasts thanks to a resilient US economy and fiscal support from China.

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Risks for crude oil and gold skewing higher as geopolitical tensions build

Geopolitical risks in the Middle East and the US interest rate outlook will be two of the dominant market themes traders will be grappling with this week, creating the potential for renewed volatility in the likes of crude oil and gold.

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January 29, 2024 06:26 AM

Unseasonal inventory plunge has crude oil bulls eyeing upside

Traders have been searching for evidence of market tightness in crude oil for months, wondering when production and export cuts from OPEC and Russia would filter through to visible inventories. Perhaps they just found it.

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January 25, 2024 03:19 AM
Oil drilling in sea

Crude oil outlook boosted by geopolitics and easing demand fears

Crude oil outlook boosted by Middle East conflict while strengthening data reduces demand fears. The US attacks on targeted "Iran-affiliated groups" in Iraq have been condemned as "contributing to a reckless escalation" in the crisis. WTI technical levels to watch include $75 on the downside now.

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January 24, 2024 06:00 PM
Oil rig on an grey day

Crude oil analysis: WTI hits $75 - Technical Tuesday, January 23, 2024

WTI hits $75.00 resistance again, as geopolitics support oil on dips. But crude oil faces some key risks, including weaker demand outlook and strengthening US dollar

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GBP/JPY teases 2015 high post BOJ, Crude oil eyes $77: European open

The US dollar and yen were the weakest FX majors during the Asian session, following reports of China stimulus and no change in policy from the BOJ. GBP/JPY has probed a key resistance level and crude oil shows the potential to extend yesterday's gains.

Oil rig in the sea

USD/CAD, Crude Oil Forecast: USD/CAD Rally Pauses as WTI Breaks Out

WTI Crude Oil is rallying as the IEA revised its 2024 oil demand growth forecast up to 1.24M bpd amidst ongoing tensions in the Middle East.

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January 18, 2024 07:53 PM