Oil prices are on a rollercoaster ride, with concerns mounting over OPEC’s policy decisions and the US Dollar Index hitting new lows. The market is closely watching for any signs of recovery, but the road ahead seems uncertain.
On Thursday, Oil prices saw a slight gain after a sharp sell-off in the previous trading sessions. The supply side is causing worry, especially after reports of a Russian shadow fleet moving sanctioned Oil. This oversupply, combined with weak demand, is keeping prices under pressure.
The US Dollar is also struggling, hitting new lows for 2024. The recent downward revision in Nonfarm Payrolls and calls for a rate cut by the Fed are adding to the Greenback’s woes.
Oil News and Market Movers: $90-$80 Calls Projected
- UBS predicts a recovery to $90 per barrel if OPEC remains cautious and the Chinese economy improves.
- US Crude stockpile numbers show a significant drawdown, exceeding expectations.
- A shadow fleet of tankers is circumventing sanctions on Russian Oil, adding to the supply concerns.
- OPEC’s policy decisions could impact Crude prices in the near future.
Oil Technical Analysis: Look at DXY for WTI
Oil is struggling to avoid another negative weekly close, with resistance levels hindering any bullish momentum. A recovery depends on both WTI Crude and the US Dollar finding stability. Key levels to watch include $75.27, $77.65, and $78.45 on the upside, and $71.17, $70.00, and $67.11 on the downside.
WTI Oil FAQs
WTI Oil is a benchmark for the Oil market, influenced by global growth, political events, OPEC decisions, and the value of the US Dollar. Weekly inventory reports and OPEC meetings play a crucial role in determining Oil prices.
Overall, the current market conditions are turbulent, with uncertainty surrounding Oil prices and the US Dollar’s performance. Investors and traders need to stay informed and cautious in the face of these challenges to protect their finances and investments.