Saturday, September 30, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use
Oil Market News
  • Home
  • Marketdaily
  • Price
  • crudenow
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEChot
  • brend
  • ships
Oil Market News
Home crude

Crude Oil Price Update – WTI Jumps after API Report with Sights Set on $62.64

1 year ago
in crude
Crude Oil Price Update – WTI Jumps after API Report with Sights Set on $62.64
Share on FacebookShare on Twitter


U.S. West Texas Intermediate crude oil futures are up sharply late Wednesday, as frigid Texas temperatures shut production across the largest U.S. crude producing state, with the unusually cold weather expected to hamper output for days or even weeks.

Oil prices have been supported for months by OPEC+ supply curbs, Saudi Arabia’s additional cuts and hopes of a demand rebound due to COVID-19 vaccinations. Historic cold weather since the weekend in Texas, which supplies the bulk of the U.S. crude and is part of the main U.S. refining hub, has propelled prices even higher.

Daily April WTI Crude Oil

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. The uptrend was reaffirmed early Wednesday when buyers took out $60.30. The main trend will change to down on a move through $57.31.

The minor range is $57.31 to $61.31. Its 50% level at $59.31 is new support.

The short-term range is $51.53 to $61.31. Its retracement zone at $56.42 to $55.27 is near-term support.

Short-Term Outlook

The direction of the market into the close on Wednesday will be determined by trader reaction to $60.08.

A sustained move over $60.08 will indicate the presence of buyers. If taking out $61.31 generates enough upside momentum then look for the rally to possibly extend into the November 7, 2018 main top at $62.64.

A sustained move under $60.08 will signal the presence of sellers. This could trigger a break into the pivot at $59.31. A failure to hold this level will put crude oil in a position to challenge $57.31.



www.fxempire.com

Latest Oil News

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023
Tags: APICrudeJumpsoilpricereportsetSightsupdateWTI
Previous Post

The Tragedy of the Struma

Next Post

Supreme Court of Canada will not hear B.C. groups’ challenges against Trans Mountain

Related Posts

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

by Oil Market News
February 1, 2023
0

After delaying a vote on Wednesday due to disagreements among member states, member nations of the European Union are hoping...

Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

by Oil Market News
January 31, 2023
0

WTI, more active second-month Brent close 1% higherData from U.S. shows higher Nov. crude oil and fuels demandDollar index turns...

S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

by Oil Market News
January 30, 2023
0

U.S. stocks traded lower toward the end of trading, with the Nasdaq Composite dropping around 175 points on Monday.The Dow...

Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

by Oil Market News
January 29, 2023
0

Comment on this storyCommentRussia spent almost 50 years building its energy market in Europe. President Vladimir Putin destroyed it in under...

Oil-Exporting Colombia Says No to Oil Exploration

Oil-Exporting Colombia Says No to Oil Exploration

by Oil Market News
January 28, 2023
0

WorldLatin AmericaPresident Gustavo Petro says climate change threatens mankind, economists say oil is critical for growth news.google.com

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

German Crude Oil Imports Rose 11% in 2022 As Crude Import Bill Doubles

by Oil Market News
January 27, 2023
0

Germany saw an increase in crude oil import volumes of 11.1% during the first ten months of last year, new...

Next Post
Supreme Court of Canada will not hear B.C. groups’ challenges against Trans Mountain

Supreme Court of Canada will not hear B.C. groups' challenges against Trans Mountain

Subscribe
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trend Oil News

EU wants price cap on Russian gas, energy companies to pay | Politics

EU wants price cap on Russian gas, energy companies to pay | Politics

1 year ago
What’s next for ESG as BlackRock ups the ante for polluting companies

What’s next for ESG as BlackRock ups the ante for polluting companies

1 year ago
Nigeria’s president drops support for ExxonMobil deal

Nigeria’s president drops support for ExxonMobil deal

1 year ago
OPEC Crudes Up 38 Cents Pb To Settle At USD 121.54

OPEC Crudes Up 38 Cents Pb To Settle At USD 121.54

1 year ago
Could Nordic American Tankers Be a Millionaire-Maker Stock?

Could Nordic American Tankers Be a Millionaire-Maker Stock?

1 year ago
ADVERTISEMENT
Crude Oil Shielded From Bond and Stock Market Rout

Biden administration plans record-low number of offshore drilling leases

September 29, 2023

Oilfield approval reignites debate over UK’s green transition

September 28, 2023

UK regulators approve plans for new Rosebank North Sea oilfield

September 27, 2023

Diesel/Russia: oil sanctions help tighten supply for industrial fuel

September 26, 2023

Russia dodges G7 price cap sanctions on most of its oil exports

September 25, 2023

Deep divisions over oil and gas industry role challenge UN climate talks

September 24, 2023

Crude Oil

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

4 Days from Deadline, EU Fails To Agree On Russian Oil Products Price Cap

February 1, 2023
Oil rises after U.S. fuel stocks draw down; economic concerns loom

Oil prices settle steady on higher U.S. demand, weaker dollar

January 31, 2023
S&P 500 Down 1%; Crude Oil Drops Over 2%

S&P 500 Down 1%; Crude Oil Drops Over 2%

January 30, 2023
Russia Can’t Replace the Energy Market Putin Broke

Russia Can’t Replace the Energy Market Putin Broke

January 29, 2023

Investing

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

Orbital Sidekick Raises $10M Investment to Monitor Oil and Gas Industry from Space 

February 1, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Clean-energy investing poised to top money backing oil and gas after hitting a record

January 31, 2023
Crude Oil Shielded From Bond and Stock Market Rout

The Cushing® MLP & Infrastructure Total Return Fund Announces Fund Name Change

January 30, 2023
Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

Boeing’s 747, the original jumbo jet, prepares for final send-off By Reuters

January 29, 2023

Market

Crude Oil Shielded From Bond and Stock Market Rout

Biden administration plans record-low number of offshore drilling leases

September 29, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Oilfield approval reignites debate over UK’s green transition

September 28, 2023
Crude Oil Shielded From Bond and Stock Market Rout

UK regulators approve plans for new Rosebank North Sea oilfield

September 27, 2023
Crude Oil Shielded From Bond and Stock Market Rout

Diesel/Russia: oil sanctions help tighten supply for industrial fuel

September 26, 2023

OPEC

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

US Close- Fed signals more hikes coming, Powell says disinflation process begun, ADP

February 1, 2023
‘OPEC does not control the price’: OPEC President | OPEC News

‘OPEC does not control the price’: OPEC President | OPEC News

January 31, 2023
OPEC+ Closely Watches Chinese Factory Data

OPEC+ Closely Watches Chinese Factory Data

January 30, 2023
Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

Week Ahead: FOMC, BOE, ECB, OPEC, NFP and Big Tech Earnings

January 29, 2023
  • Submit news
  • Contact
  • DMCA
  • Cookie Privacy
  • Privacy Policy
  • Terms of Use

© 2022 OilMarket.News

No Result
View All Result
  • Home
  • Market
  • Price
  • crude
  • Companies
  • politics
  • Gas
  • investing
  • Stock
  • OPEC
  • brend
  • ships

© 2022 OilMarket.News

wpDiscuz
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.