With the geopolitical issues "the noises"..
Im fitted all the noise and focus on price action ..
As of now , price currently been trading at lower channel with demand in control..
im expecting a rebound from this level.
$100 a barrel is possible.
Oil
Crude prices initially rose as the Ukraine-Russia conflict persisted and as short-term supply issues remained. Energy traders were fixated over the move above $100 for the Dated Brent benchmark. The oil market is getting tighter and oil prices seem like they are only going to go higher.
The EIA crude oil inventory report posted a surprise build of 1.12 million barrels, the consensus estimate was for a draw of 919,000 barrels, while the prior week had a 4.8-million-barrel decline. US production remained steady at 11.6 million barrels. Rig counts are rising and production will increase shortly as the arctic blast that hit large parts of the country has passed.
Crude prices settled lower after Iran’s Nuclear Top Negotiator Kani tweeted, “After weeks of intensive talks, we are closer than ever to an agreement; nothing is agreed until everything is agreed, though. Our negotiating partners need to be realistic, avoid intransigence and heed lessons of the past 4yrs.”
Crude prices were not ready for a run towards $100 and the tweet from Iran’s top negotiator was used as the excuse for the small decline. For oil prices to rally above $100, Russia-Ukraine tensions need to intensify or crude output needs to continue to fall short of rising demand.
Im fitted all the noise and focus on price action ..
As of now , price currently been trading at lower channel with demand in control..
im expecting a rebound from this level.
$100 a barrel is possible.
Oil
Crude prices initially rose as the Ukraine-Russia conflict persisted and as short-term supply issues remained. Energy traders were fixated over the move above $100 for the Dated Brent benchmark. The oil market is getting tighter and oil prices seem like they are only going to go higher.
The EIA crude oil inventory report posted a surprise build of 1.12 million barrels, the consensus estimate was for a draw of 919,000 barrels, while the prior week had a 4.8-million-barrel decline. US production remained steady at 11.6 million barrels. Rig counts are rising and production will increase shortly as the arctic blast that hit large parts of the country has passed.
Crude prices settled lower after Iran’s Nuclear Top Negotiator Kani tweeted, “After weeks of intensive talks, we are closer than ever to an agreement; nothing is agreed until everything is agreed, though. Our negotiating partners need to be realistic, avoid intransigence and heed lessons of the past 4yrs.”
Crude prices were not ready for a run towards $100 and the tweet from Iran’s top negotiator was used as the excuse for the small decline. For oil prices to rally above $100, Russia-Ukraine tensions need to intensify or crude output needs to continue to fall short of rising demand.