Friday, January 22

Tag: oil

WTI drops briefly back below $52.00 amid risk off market conditions
Commodities

WTI drops briefly back below $52.00 amid risk off market conditions

WTI has been on the back foot on Friday dropping from the high $53.80s to around $52.00. Demand concerns amid further lockdown restrictions in Europe, coupled with other global risk-off factors have weighed.The front-month futures contract for the American benchmark for sweet light crude oil, West Texas Intermediary (WTI), has been on the back foot on the final trading day of the week. In early Friday Asia Pacific trade, WTI futures climbed as high as $53.81, not even 10 cents from the 11-month highs set earlier in the week at $53.90, but have seen substantial downside since then (in fitting with other risk assets). WTI has dropped all the way back to the $52.00 level and printed lows at $51.82. At present, front-month WTI futures trade around $1.50 or close to 3% lower on th...
Crude Oil Prices Eye Deeper Pullback on OPEC+ Doubts, Rising Stockpiles
Commodities

Crude Oil Prices Eye Deeper Pullback on OPEC+ Doubts, Rising Stockpiles

CRUDE OIL PRICE OUTLOOK:Crude oil prices extended losses ahead of an OPEC+ meeting, despite a weaker US Dollar The API reported a 4.146-million-barrel rise in crude stockpiles for the week ending November 27th WTI may consolidate further with an eye on immediate support level of US$ 43.40WTI crude oil prices fell for a fourth day despite a weaker US Dollar as traders leaned defensive ahead of an OPEC+ meeting scheduled on Thursday. Oil traders have long been anticipating a 3-6 months delay in planned production hikes by the coalition, rendering oil prices vulnerable to unwinding trades should OPEC+ fail to deliver a plan to rein output.A much larger-than-expected rise in US crude stockpiles, according to data released by the American Petroleum Institute (API), further ...