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.
WTI Price Target is $80.00
- Costs of the barrel of wti edged better on Tuesday amidst growing open interest and quantity. Towards that, the continuation of the uptrend appears likely inside the very near term and with the instantaneous target at the key $80.00 mark in line with barrel.
- Increased scrutiny and pressure on companies from investors and society could lead to trillions in stranded assets
- Businesses are waiting for details on carbon markets and carbon emission rules and, potentially, carbon taxes, before re-evaluating their assets
- IRENA: the value of assets stranded in the upstream fossil fuel sector would total $3.3 trillion by 2050
CRUDE OIL PRICE TECHNICAL ANALYSIS TODAY
Crude oil prices are retesting support-turned-resistance capped at $80 A daily close back above this barrier may set the stage for an upswing pressuring the swing high at 85.41 once again. Immediate support is at 75.27, a former resistance level dating back to mid-2018. Slipping back below that might open the door to test below $70/bbl anew, with perhaps a bit of friction near 73.14 along the way.