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Oil Price Rally Buoyed by Signs of Stronger Demand and Subdued Supply 2021-02-06 07:00:00 David Song, Strategist
Oil Price Talking Points
The price of oil extends the advance from the monthly low ($51.64) as US crude inventories contract for the second consecutive week, and key market themes may keep oil prices afloat as global production remains subdued.
Fundamental Forecast for Crude Oil: Bullish
The price of oil trades to fresh yearly highs as the decline in US crude inventories boosts the outlook for consumption, and the ongoing efforts by the Organization of the Petroleum Exporting Countries (OPEC) may keep crude prices afloat as Saudi Arabia remains on track to reduce supply by 1 million b/d until April.
Oil Price Reverses Ahead of Weekly Low as US Crude Inventories Fall 2021-01-27 20:00:00 David Song, Strategist
Oil Price Talking Points
The price of oil preserves the range bound price action from earlier this week following an unexpected contraction in US crude inventories, and key market themes may keep energy prices afloat as oil production remains subdued. Advertisement
Oil Price Reverses Ahead of Weekly Low as US Crude Inventories Fall
The price of oil bounces back ahead of the weekly low ($51.82) as fresh data prints coming out of the US instill an improved outlook for demand, with crude inventories falling 9.91M in the week ending January 22 versus forecasts for a 0.43M rise.
Oil Price Outlook Supported by Forecasts for Lower US Crude Inventory 2021-01-21 21:00:00 David Song, Strategist
Oil Price Talking Points
The price of oil consolidates following the string of failed attempts to test the February 2020 high ($54.66), but fresh data prints coming out of the US may influence energy prices as crude inventories are projected to contract for the sixth consecutive week. Advertisement
Oil Price Outlook Supported by Forecasts for Lower US Crude Inventory
The price of oil appears to be stuck in a narrow range even though US President Joe Biden unveils a $1.9 trillion stimulus package called the American Rescue Plan, but pullback from the monthly high ($53.93) may turn out to be an exhaustion in the bullish price action rather than a change in trend as the Organization of the Petroleum Exporting Countries (OPEC) appear to be on track to regulate the energy market thro
Oil Forecast: Crude Price Rally Susceptible to RSI Sell Signal
2021-01-11 15:00:00
David Song,
Strategist
Oil Price Talking Points
The recent rally in the price of oil appears to have stalled just ahead of the February 2020 high ($54.66) as it fails to extend the series of higher highs and lows from the previous week, and the Relative Strength Index (RSI) may indicate a textbook sell signal if the oscillator slips below 70.
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Oil Forecast: Crude Price Rally Susceptible to RSI Sell Signal
The price of oil trades above pre-COVID19 levels as Saudi Arabia plans to cut crude production following the Organization of the Petroleum Exporting Countries (OPEC) meeting, and it seems as though the group will continue to regulate the energy market as “the return of stricter lockdown measures and growing uncertainties have resulted in a more fragile economic recovery that is expected to carry over into 2021.”