• 3 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 19 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 51 mins WTI @ $75.75, headed for $64 - 67
  • 52 mins EU to Splash Billions on Battery Factories
  • 3 hours US top CEO's are spending their own money on the midterm elections
  • 17 mins The Dirt on Clean Electric Cars
  • 11 hours Petrol versus EV
  • 5 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 6 mins Satellite Moons to Replace Streetlamps?!
  • 3 hours The Balkans Are Coming Apart at the Seams Again
  • 8 hours 10 Incredible Facts about U.S. LNG
  • 48 mins Uber IPO Proposals Value Company at $120 Billion
  • 16 hours E-mopeds
  • 3 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 6 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day These are the world’s most competitive economies: US No. 1
Alt Text

The Dark Horse Of The Oil Price Rally

Vietnam is set to break…

Alt Text

OPEC Turns On The Taps To Counter Iranian Outages

OPEC reported a collapse in…

Alt Text

Oil Prices Under Pressure As U.S. Shale Supply Soars

Continued production growth in the…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Rallies On Profit Taking, But Can It Hold Onto Gains?

Oil

August West Texas Intermediate Crude Oil Futures

August West Texas Intermediate crude oil futures are set up for a solid close this week. A combination of profit-taking and short-covering has been behind the lengthy rally.

August WTI Crude oil futures are in a position to post their biggest weekly gain since mid-May, ending five weeks of losses with prices underpinned by a decline in U.S. output.

U.S. crude futures are currently up about 4.6 percent for the week. That marks the biggest rise since the week-ending May 19.

The market received a boost on Wednesday after the U.S. government reported a decline in weekly U.S. production. The news carried over into Thursday’s session. This news helped alleviate a few of the lingering concerns over the global supply glut.

A weaker U.S. Dollar also helped boost dollar-denominated crude because of increased foreign demand, however, the primary driver of the bullish price action was the Energy Information Administration’s report from Wednesday that showed domestic crude production dropped by 100,000 barrels per day (bpd) to 9.3 million bpd the week-ending June 23, the steepest weekly fall since July 2016.

August West Texas Intermediate Crude Oil Technical Analysis

(Click to enlarge)

The main trend is down according to the weekly swing chart. A trade through $42.05 will signal a resumption of the downtrend. This should lead to an almost immediate test of the April 5, 2016…

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