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Crude Oil Price News and Forecast: WTI trades in red near $58 ahead of weekly API data

Commodities Weekly: Oil prices ease as supply concerns abate

Geopolitical tensions in Libya and Iraq pushed oil prices and gold higher on Monday. The soft commodities are mixed amid uncertain outlooks after the US-China trade deal. CRUDE OIL prices rose on Monday, with West Texas Intermediate (WTI) hitting the highest level in 10 days. Libya’s oil production ground to a halt after armed forces shut down a pipeline, while Iraq also halted output at one field, with another one also threatened. Read more…

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WTI trades in red near $58 ahead of weekly API data

After closing the previous two weeks with losses and erasing more than 7% since the start of the year, the barrel of West Texas Intermediate (WTI) staged a rebound at the start of the week but lost its momentum before testing the critical $60 handle on Monday.

The WTI lost 0.7% on Tuesday before continuing to push lower on Wednesday and was last seen trading near $58, down 0.35% on a daily basis. Read more…

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Crude Oil Futures: Shrinking odds for a deeper pullback

In light of preliminary readings for Crude Oil futures markets from CME Group, open interest shrunk for the second straight session, now by 1.7K contracts. On the other hand, volume rose by nearly 374.3K contracts for the first time after seven consecutive drops.

WTI remains supported by the 200-day SMA. Prices of the WTI keep the consolidative mood on Wednesday amidst the recent build in volume and lower open interest. That said, the key 200-day SMA in the $57.60 region is expected to remain a solid contention for the time being. Read more…

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