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).
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Commodity Trading Strategies: Gold, Silver, Crude, Base Metals
Commodity Trading Strategies: Commodity prices traded on a mixed note on Thursday, as bullion prices traded steady on pandemic worries while crude oil prices declined on demand growth worries and inventory build. Base metals complex traded on a weak note as they pared gains from the previous session. Here is a look at how different commodities are behaving in today’s market.
Oil Jumps On Large Crude Inventory Draw
Gold Silver Reports (GSR) – Crude oil prices inched higher today after the EIA released its latest Weekly Petroleum Status Report, in which the authority said crude oil inventories had fallen by 8.6 million barrels in the week to February 22, though they are still above the seasonal five-year average.
Goldman Sachs sees oil taking a fleeting trip to $70-$75 a barrel
Gold Silver Reports (GSR) – Crude Oil prices could potentially rise as much as 12% from current levels, though the rally may prove fleeting, according to Goldman Sachs Group Inc.
Crude Oil Price Rally Hits Asia Where It Hurts
Rising oil prices are pushing up prices for fuels in Asia, and this is coming at a bad time; many Asian currencies are depreciating as economic growth falters.
WTI Algos Confused Despite Surprise Crude, Gasoline Builds – Gold Silver Reports
Gold Silver Reports (GSR) — WTI Algos Confused Despite Surprise Crude – Senior Energy Analyst Vince Piazza notes that a generous dollop of bad news is good news for the crude market. U.S. sanctions on Iran, Venezuela’s deteriorating economy and other potential geopolitical disruptions will limit supply.
MCX Crude Oil Alert – Strong Support @ 5140, Under Buying Zone Buy on Dips
The United States from November will target Iran’s oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran.
Crude Oil Bounces as OPEC Adopts Underwhelming Production Increase
Gold Silver Reports (GSR) – Crude Oil jumped the most since late 2016 after OPEC adopted a smaller-than-expected production increase. – Futures advanced 4.6 percent in New York on Friday to close above $68 a barrel for the first time this month. Although the OPEC-led group of 24 major oil producers approved a 1 million barrel boost to daily output, several cartel members said the actual increase will only reach 700,000 because some nations are incapable of pumping more crude.
Oil Retailers Fall As Brent Crude Tops $74
Gold Silver Reports (GSR) – Crude Oil Retailers Fall As Brent Crude Tops $74 — Shares of the state-run oil retailers fell after Brent Crude price rose above $74 a barrel, its highest level since May 2015.