• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 4 hours Could Venezuela become a net oil importer?
  • 1 hour Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 8 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 14 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 4 hours Gazprom Exports to EU Hit Record
  • 8 hours Why is permian oil "locked in" when refineries abound?
  • 6 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 4 hours Oil Buyers Club
  • 4 hours Could oil demand collapse rapidly? Yup, sure could.
  • 7 hours Oil prices going down
  • 2 hours Saudi Arabia turns to solar
  • 1 day Teapots Cut U.S. Oil Shipments
  • 22 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 8 hours EVs Could Help Coal Demand
  • 14 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
Alt Text

Will Higher Oil Prices Destroy Demand?

High oil prices may well…

Alt Text

Middle-East Tensions Soar After Critical Phone Call

The latest bilateral contact between…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Downside Bias Emerging In Crude Futures

August crude oil futures are set to finish the week lower after an earlier rally failed to draw enough long interest to drive the market away from the retracement zone that has been providing resistance for several weeks. A close below this area on Friday will set a bearish tone for next week. This could create enough downside momentum to trigger a break into the last main bottom at $56.88. A trade through this bottom will turn the main trend to down.


(Click to enlarge)

The main range is $48.71 to $64.12. If the selling pressure is strong enough to take out $56.88 then look for a break into its retracement zone at $56.42 to $54.60. This area is a value zone so investors are likely to show up on a test of this zone.

A weekly close below $60.50 will give the market a downside bias. Any rally would likely be labored because investors would have to regain potential resistance levels at $60.50 and $61.35 and a minor high at $62.22 before there would be enough strength to mount a challenge of the main top at $64.12.

Earlier in the week, crude oil was underpinned by news of another drop in the rig count. According to Baker Hughes, the U.S. crude oil rig count fell by four, from 635 to 631, in the week-ended June 19. This marked 28 consecutive weeks of falling active rigs. Over that time period, the number of producing rigs has dropped from 944 to 631 and are now at their lowest level since August 2010.

Some bullish investors are concerned…

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