Oil price gains firm as traders mull demand cues, supply prospects MarketWatch 1 hr ago
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Oil futures moved higher Monday, after spending time seesawing between losses and gains, as traders mulled the latest signals for crude demand outlook, as well as prospects for global supplies.
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“There is some chatter about demand concerns this morning with new lockdown measures being imposed in India and other COVID-19 hotspots around the globe, however, so far the cautious news flow is not enough to derail the 2021 rally,” Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.
Still, this year’s energy rally has lost momentum in recent weeks and U.S. benchmark crude prices have “fallen into a sideways trading range since the highs of early March were established,” he said.
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FILE PHOTO: The sun rises behind an oil tanker driving through the Permian Basin in Mentone, Texas, U.S., November 26, 2019. REUTERS/Angus Mordant/File Photo
LONDON (Reuters) - Hedge funds resuming buying petroleum last week, with a focus on Brent, as confidence steadied following the wave of selling and sharp drop in prices a month ago.
Hedge funds and other money managers purchased the equivalent of 19 million barrels in the six most important petroleum futures and options contracts in the week to April 13.
In the four most recent weeks, purchases and sales have alternated, ensuring the net position (currently at 819 million barrels) has barely changed since March 23 (when it was 824 million barrels).
Oil prices gain as traders mull demand cues, supply prospects MarketWatch 33 mins ago
FUTURES MOVERS
Oil futures gained on Monday, finding some support from reports of a production halt at some Libyan oil fields, as traders mulled the latest signals for crude demand outlook, as well as prospects for global supplies.
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There is some chatter about demand concerns “with new lockdown measures being imposed in India and other COVID-19 hotspots around the globe, however, so far the cautious news flow is not enough to derail the 2021 rally,” Tyler Richey, co-editor at Sevens Report Research, told MarketWatch.
Still, this year’s energy rally has lost momentum in recent weeks and U.S. benchmark crude prices have “fallen into a sideways trading range since the highs of early March were established,” he said.
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U.S. West Texas Intermediate and international-benchmark Brent crude oil futures edged lower on Friday but still managed to finish higher for the week. Nonetheless, the markets did post potentially bearish chart patterns on their daily charts, which could put early pressure on them early Monday.
On Friday, June WTI crude oil settled at $63.19, down $0.32 or -0.50% and June Brent crude oil ended the session at $66.77, down $0.17 or -0.25%.
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Traders said that prices were likely underpinned by the news that China’s first-quarter gross domestic product jumped 18.3% year-on-year. That news followed a big increase in U.S. retail sales and a drop in unemployment claims released on Thursday.