Category: Oil
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BOC rate decision and lower oil price help to push USDCAD higher. Technicals more bullish.
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As the market awaits tomorrow’s Bank of Canada interest rate decision, the USD/CAD pair has been rising in anticipation of a rate cut. The pair has also been helped by a sharp drop in oil prices, which have pushed the price down by about 8% from its highs last Wednesday…
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Chart Art: WTI Crude Oil (USOIL) Triangle Breakout Retest Levels
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Did you miss the opportunity to breakout the triangle pattern on WTI crude oil? It is best to watch these Fibonacci retracement levels in case the price retests! Crude Oil WTI (USOIL) 4 hours Chart by TradingView It looks like crude oil has chosen a downward path on the triangle…
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How often do Kenyans change their engine oil?
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Is there a way to calculate how diligently Kenyan motorists change their car’s engine oil, and how often they do it? — PL There may be several ways. But the quickest and cheapest way to get a general impression may be to compare total national fuel sales to total national…
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Trump’s vow to ‘drill baby drill’ bodes well for oil? It’s more complicated, analysts say
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SlavkoSereda/iStock via Getty Images Crude oil futures posted a second straight weekly decline, punctuated by sharp losses on Friday as a global internet outage heightened risk sentiment in markets and helped lift the dollar. Growing concerns over Chinese demand are weighing on the market, following Data this week points to…
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Oil had a rough finish to the week: Closes at the lowest since June 14
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Crude oil WTI daily The oil market has been in a tough spot. The macroeconomic situation is deteriorating, hopes for Chinese stimulus are fading, and all the data from Russia and OPEC are pointing to a surprise drop in exports. This has led to a real push and pull in…
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Chart Art: Triangle Pattern Forming on WTI Crude Oil (USOIL)
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Are oil prices about to rise soon? This is a short-term consolidation pattern that I am watching on the hourly chart of WTI Crude Oil. Crude Oil WTI (USOIL) 4 hours Chart by TradingView Negative price pressures have been weighing on this energy commodity, as weaker growth expectations in the…
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Crude oil rises as U.S. inventories fell for third straight week (NYSEARCA:USO)
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SlavkoSereda/iStock via Getty Images Crude oil futures rose on Wednesday, snapping a three-session losing streak, after the United States reported a much larger-than-expected draw in crude inventories last week, marking a third straight decline. the Crude inventories fell by 4.9 million barrels. It was accompanied by Gasoline and diesel stocks…
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Crude oil futures settles at $80.76
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Crude oil fell $1.15, or 1.30%, to $80.76, driven by weak growth in China, the world’s largest oil importer, which has raised concerns about demand. Another contributing factor may be the expectation that former President Trump will win the presidential election in November, as he is pro-drilling and has been…
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Vista Oil & Gas reports robust growth in Q2 2024 By Investing.com
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Vista Oil & Gas (ticker: VISTA) has reported significant growth in production and financial performance in its second quarter of 2024. The company’s total production surged by 40% year-over-year to 65,300 barrels of oil equivalent per day (BOEs per day), with oil production alone increasing by 46%. Total revenues for…
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Crude oil futures settle at $82.21
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Crude oil futures settled today at $82.21, down $0.41 or -0.50%. For the trading week, the price is down -1.21% after closing last week at $83.16. This is the first decline after four consecutive weeks of gains that pushed the price from its low during the week of June 3…
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Crude oil edges higher as U.S. inflation reading bolsters rate cut hopes (NYSEARCA:USO)
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SlavkoSereda/iStock via Getty Images Crude oil futures rose for a second straight session on Thursday, as a weaker-than-expected reading on U.S. inflation was seen increasing the chances of a September interest rate cut by the Federal Reserve. The US government announced that the consumer price index fell. The U.S. inflation…
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Marathon Oil reaches $241M settlement over North Dakota environmental violations
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sharply_done/E+ via Getty Images The Biden administration said on Thursday that it $241.5 million settlement reached With Marathon Oil (New York:MRO) regarding alleged air quality violations at the company’s operations on the Fort Berthold Indian Reservation in North Dakota. US Environmental Protection Agency and Department of Justice He said the…
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Oil steadies as investors weigh mixed demand signals By Reuters
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By Robert Harvey and Arunima Kumar LONDON (Reuters) – Oil prices steadied on Thursday, with benchmark crude holding above $85 a barrel as investors weighed a bleak demand growth outlook from the International Energy Agency and signs of growing U.S. consumption. Brent crude futures were up 1 cent, or 0.01…
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Crude oil futures settled at $82.10
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West Texas Intermediate crude futures settled at $82.10, up $0.69, or 0.85%. The gains come after three straight sessions of losses, and were driven by positive demand expectations from OPEC and a large drawdown in U.S. inventories. The US Energy Information Administration announced that US oil inventories fell by 3.4…
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Chart Art: Trend Retracement Opportunity For WTI Crude Oil (USOIL)
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Earlier this week, US crude oil prices fell from the $84.40 area for the second time this month. Are Oil Prices Heading Down? Or Are Bulls Taking a Break? Crude Oil WTI (USOIL) 4 hours Chart by TradingView As we mentioned today Daily Market SummaryCommodities such as crude oil have…
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Oil prices hold steady as concerns over hurricane damage ease By Reuters
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By Colleen Howe and Trixie Yap (Reuters) – Oil prices were little changed on Tuesday after a hurricane that hit a major U.S. oil production hub in Texas caused less damage than markets had expected, easing concerns about supply disruptions. Brent crude futures rose four cents to $85.79 a barrel…
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U.S. Coast Guard says hurricane may shut oil ports By Reuters
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By Erwin Seba HOUSTON (Reuters) – The U.S. Coast Guard warned on Monday that ports from Corpus Christi to Houston, Texas, could be closed due to Hurricane Beryl, which is expected to make landfall by Monday morning south of Port Lavaca. Closing the ports could temporarily halt shipments of crude…
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Suncor shuts Firebag oil sands site from Alberta wildfire, lifting Canadian crude prices
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RiverNorthPhotography/iStock Not published via Getty Images Canadian heavy crude prices rose for the second day After Suncor Energy Company (New York Stock Exchange: SU) said it had reduced production at its Firebag oil sands site, a day after withdrawing all essential workers as a precaution due to Forest fires are…
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Crude oil scores fourth straight weekly gain as U.S. data indicates solid demand
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SlavkoSereda/iStock via Getty Images Crude oil futures fell on the day while recording a fourth straight weekly gain, supported by a much larger-than-expected drawdown in U.S. crude inventories, renewed hopes that the U.S. Federal Reserve will start cutting interest rates soon, and rising geopolitical risks in the United States. The…
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U.S. oil price climbs to highest since mid-April on sharp draw in inventories
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SlavkoSereda/iStock via Getty Images Crude oil futures rose on Wednesday after a larger-than-expected drawdown in U.S. inventories, in thin trading ahead of the U.S. Independence Day holiday. The weekly report from the US Energy Information Administration showed broad-based declines in crude and refined product inventories, with crude inventories falling Crude…