Crude Oil extended gains in Asia from the highest close since 2014 after a key pipeline running from Iraq to Turkey was hit by an explosion, taking out crucial supply from an already tight market.
Crude is very bullish, but five waves up from 77.40 and divergence on the RSI may suggest that new intraday corrective set-back may show up in sessions ahead.
Crude oil has witnessed elevated prices for the better part of 2H 2021 on the back of the global economic recovery which has taken place ever since the April 2020 low. However, oil had some difficulty surpassing the 2018 high at the historically important $86.67 area (highlighted with blue circles).
Crude Oil Futures: Thinking about preliminary readings from cme group for crude oil futures markets, traders brought round 14.3k contracts to their open hobby positions, reaching the 3rd every day boom in a row. Extent followed fit and rose with the aid of round 285.5k contracts.
Oil extended declines — after four weeks of losses — on signs the U.S., China and Japan are all preparing to tap national crude reserves as concerns over accelerating inflation intensify.
Crude Oil reversed losses to close slightly higher after another day passed without an announcement from the Biden Administration to tap U.S. crude oil reserves.
Crude Oil Tips for Today: According to preliminary figures from CME Group for crude oil futures markets, traders added more than 10K contracts to their open interest positions on Thursday, reversing at the same time four consecutive daily pullbacks. On the other hand, volume dropped for the second day in a row, this time by around 179K contracts.