Crude Oil prices have skyrocketed over 1.50% for the second consecutive day, following a massive gain on Wednesday. This surge is fueled by concerns over the impact of tropical storm Francine on US production and skepticism towards the recent OPEC report’s demand outlook. Meanwhile, the US Dollar Index is trading above 101.50, testing its upper boundary and hinting at a potential breakout.
Currently, Crude Oil (WTI) is priced at $67.93, with Brent Crude at $71.57.
Key Market Updates and Analysis
- The International Energy Agency’s report highlighted a decline in OPEC’s daily output due to disruptions in Libya, while Gulf producers maintained steady supply levels.
- Tropical storm Francine has hit Louisiana, impacting offshore platforms in the Gulf of Mexico.
Technical Analysis and Forecast
Oil prices face volatility ahead, with OPEC’s decisions playing a crucial role. While a rebound is possible, downside risks are more prominent. Key levels to watch include $67.11, $70.00, and $71.46 for potential resistance, with $64.38 and $61.65 as support levels.
US WTI Crude Oil: Daily Chart
WTI Oil FAQs
WTI Oil, also known as West Texas Intermediate, is a benchmark for the Oil market, influenced by global supply and demand dynamics, OPEC decisions, and US Dollar strength. Weekly inventory reports and geopolitical events also impact WTI prices.
For more insights on Oil markets and investment opportunities, stay tuned for further updates and analysis.