• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days If hydrogen is the answer, you're asking the wrong question
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs
OPEC Remains Upbeat About Oil Demand

OPEC Remains Upbeat About Oil Demand

OPEC remains optimistic that the…

Pump Prices Set to Hit $4 a Gallon

Pump Prices Set to Hit $4 a Gallon

U.S. oil prices surpass $80…

Editorial Dept

Editorial Dept

More Info

Premium Content

Crude Oil Awaiting Guidance

Crude oil is starting the new week on a down note as economic worries continue to dictate near-term price direction. Last week oil lost an enormous 8.6% after double dip fears really started to gain traction amid dismal economic reports out of the U.S.

Equally disappointing figures in Europe and China did not help matters and now traders are on pins and needles awaiting this week’s readings, as they try to gauge the health of the global economic recovery.

Further evidence of a slowdown or worse will likely send crude oil plummeting further, while positive readings could lead to stabilization or even a rally. On Tuesday, the ISM will release their services index.

A reading of 55 is expected for the month of June, down from 55.4 in the prior month. With regard to technicals, look for support near the key $69.50 level, while resistance lies at $75.50.

Crude Oil Price Chart


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News