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Crude oil outlook: WTI break down increasingly likely despite OPEC+ efforts
The lack of a more positive response after the OPEC+ meeting shows the market is disappointed and thus even lower oil prices could be the outcome. Our crude oil outlook remains modestly bearish, as before.
Oil Price Forecast: Oil Bears Reassert Control– Crude Support in View
Oil prices reversed from yearly open resistance this week with the bears aiming back towards multi-month range lows. A multi-timeframe view of the oil technical charts.
WTI Forecast: Israel-Lebanon Ceasefire Drives Crude Oil Back Toward $69
How could a potential Israel-Lebanon ceasefire impact oil prices and what are the key levels to watch?
Crude oil outlook remains bearish despite 3% rally
Given the rise in non-OPEC supply growth, the OPEC+ will be under pressure to support prices. But the group has said that it will gradually restore withheld supplies after multiple delays. What’s more, we could see a sharp rise in US drilling activity under Trump’s plans. As a result, we could potentially see a boost in both OPEC and non-OPEC production by 2025 and beyond.
Crude oil forecast: WTI could drop below $65 amid rising supply
Crude oil prices came off their earlier lows by mid-day in London. But the path of least resistance remains to the downside, and I would be rather surprised if a breakdown does not occur in the coming days, barring a surprise supply-side shock.
Oil Price Forecast: Crude Oil Spills Back into Support
Oil prices plunged more than 8% off the monthly high with WTI approaching critical support near the yearly lows. A multi-timeframe view of the Oil technical charts.
Crude oil outlook: WTI could be heading sub-$65
Highlighting demand concerns, the OPEC has today cut its oil demand growth forecast again. This is the fourth month in a row that it has done so. Weak oil demand in China, the world’s largest oil consumer, remains the primary driver of falling prices.
Oil mulls bearish breakout as Trump names EPA head, gold slammed
It was a lively day’s trade on Monday with Bitcoin reaching news highs above $80k and the USD index retesting its YTD high of 105.62. WTI crude oil and gold are on the brink of breaking key levels to the downside.
Crude oil forecast: Increased drilling under Trump could weigh on prices
The immediate response in the commodities space to the Republican’s clean sweep victory has been a bearish one - especially for industrial metals. Copper and silver fell over 4% each, tracking weaker iron ore prices, while gold was off by around 3%. Crude prices fell too but came sharply off their earlier lows.
Crude Oil Forecast: Oil Erases October Rally- Key Support in View
Oil prices plunged nearly 15% off the monthly high with WTI now approaching key technical support at the yearly lows. A multi-timeframe view of the Oil technical charts.
Crude oil forecast: WTI path remains bearish as election risks loom
Crude oil forecast: Oil prices have shown some recovery, bouncing over 1% in early Monday trading, before easing a little off their earlier highs. However, after last week’s steep 9% decline, the broader outlook remains bearish, especially while WTI crude stays below the critical $70 mark. Could oil prices dip toward $65 in the days ahead?
AUD/JPY looks set for a breakout, crude oil mulls bounce from $70
With Wall Street indices holding up and Australia's strong employment report holding up the Aussie in a weak-yen environment, AUD/JPY looks set for a breaking. Crude oil looks ready for a cheeky bounce too.
Crude Oil Technical Forecast: Oil Spill Searches Support
Oil prices plummeted more than 7.3% today with WTI poised for an outside day reversal- risk for further losses. A multi-timeframe view of the Oil technical charts.
USD reverses, gold-bulls eye 2700, crude oil falters ahead of US GDP
Traders appear to be booking profits ahead of a key US GDP report later today, with the USD index providing a solid bounce from 100. Gold might reach for 2700 (even if it does look stretched), while crude oil could be in for a deeper pullback.