• 6 minutes Can the World Survive without Saudi Oil?
  • 10 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 15 minutes Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 5 mins U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 3 hours Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 10 hours Judge Approves SEC Settlement With Tesla, Musk
  • 2 hours WTI @ $75.75, headed for $64 - 67
  • 5 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 5 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 7 hours Iranian Sanctions - What Are The Facts?
  • 8 hours EU to Splash Billions on Battery Factories
  • 5 hours China Thirsty for Canadian Crude
  • 10 hours Porsche Says That it ‘Enters the Electric Era With The New Taycan’
  • 10 hours Gold price on a rise...
  • 11 hours Saudi Crown Prince to Trump: We've Replaced All Iran's Lost Oil
  • 5 hours Shell, partners approve huge $31 billion LNG Canada project. How long till Canadian Federal government Environmentalates it into the ground?
Alt Text

China Turns Its Back On U.S. Oil

As the ongoing trade war…

Alt Text

Trump Threatens Iran’s Oil Clients

Trump has directed yet another…

Alt Text

Are Energy Majors Under Threat From Big Tech?

Audi and Amazon have teamed…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Fragile Oil Markets Stabilize On Two-Sided Trading

Trading Screen

U.S. West Texas Intermediate and international-benchmark Brent crude oil posted a two-sided trade this week before closing lower. This week’s trade pitted the bullish traders, who believe the OPEC-led production cuts that are helping to trim supply and stabilize prices, would be extended beyond 2018 and into 2019 against the bearish traders who are banking on rising U.S. production to thwart the coalition’s strategy.

For the week, May WTI crude oil settled at $64.94, down $0.94 or -1.43% and June Brent crude oil finished at $69.34, down $0.47 or -0.67%.

This week’s trade started on a bullish note with the markets surging to new highs for the year. The move was triggered by follow-through buying tied to the momentum created by the previous week’s 5.0% plus gains.

At this time last week, we were questioning whether the rally would continue because the move was being fueled by speculation and aggressive short-covering. We didn’t think that the rally had much backing from the hedge funds because they had been liquidating positions for much of the first half of March.

We may be right on our assessment because both the WTI and Brent contracts formed weekly technical closing price reversal tops which tend to trigger the start of 2 to 3 week corrections.

Fundamentals

Crude oil futures began the week supported by a rebound in stock markets and escalating Saudi-Iran tensions. Global stocks came off six-week lows on optimism…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News