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Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

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Selling Pressure Increases In Oil Markets

Oil storage

U.S. West Texas Intermediate crude oil is trading flat on Friday as it heads to a second straight weekly loss. The week started out promising with prices rising on talk of new sanctions against Russia and another setback in nuclear talks between Western powers and Iran.

However, sellers eventually regained control in response to a number of bearish factors including a ceasefire between the United Arab Emirates and the Iran-aligned Houthi group, an unexpected build in U.S. crude stockpiles and the announcement of fresh stockpile releases.

We should find out as early as next week if the selling pressure represents the start of an even larger sell-off, or if it is just a short-term reaction to the extra supply hitting the market.

New Sanctions against Russia Generate Mild Spark

Oil prices started the week with a nearly 5% jump, with investors worried about tighter supply as mounting civilian deaths in Ukraine increased pressure on European countries to impose sanctions on Russia’s energy sector.

German Chancellor Olaf Scholz said Russian President Vladimir Putin and his supporters would “feel the consequences” of events in Bucha, outside the capital Kyiv, where a mass grave and tied bodies shot at close range were found.

Buyers reacted positively to the headline, but the rally eventually fizzled as bearish stories piled up throughout the week, chasing the bulls to the sidelines.

Early Support from Halt in US – Vienna Nuclear Talks


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