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Oil Prices Are Under Pressure

U.S. West Texas Intermediate crude oil futures dipped on Thursday, putting the March futures contract in a position to finish lower for the week. Weaker-than-expected economic data and a rebound in the U.S. Dollar are being blamed for the daily weakness.

The market has been under pressure all week with the selling starting late last week on Jan. 27 when indications of strong Russian oil supply offset better-than-expected U.S. economic data, strong middle distillate refining margins, and hopes of a rapid recovery in Chinese.

Contributing to the weakness this week has been another surge in U.S. stockpiles, an interest rate hike by the Federal Reserve, worries about a global recession and China’s recovery.

However, losses may have been limited by OPEC+’s decision to roll over an output cut and an overall weaker U.S. Dollar.

Stronger Russian Supply Outlook Weighs

Sellers came in early in the week on a report showing oil loadings from Russia’s Baltic ports are set to rise by 50% this month from December as sellers try to meet strong demand in Asia and benefit from rising global energy prices.

The news prompted some analysts to say that “If Russian supply remains strong heading into next month, oil is probably going to continue to trend lower.”

Oil Dives after EIA Reports Big Builds in U.S. Crude, Fuel Stocks

WTI crude was also pressured after U.S. government data showed big builds in crude oil, gasoline…

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EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
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