Greater Market Risks May Hamper Oil Prices

WikiFX

| 2020-12-12 10:01

Abstract：WTI crude once jumped to as high as $45.92 this week but stopped just shy of $46.0 with a consolidation around $45.47.

WikiFX News (12 Dec.) - WTI crude once jumped to as high as $45.92 this week but stopped just shy of $46.0 with a consolidation around $45.47. Oil prices may fund pressure from recent uncertainties.

Despite this weeks hopes for a US fiscal stimulus bill, the ongoing negotiation keeps investors prudent and holds the crude market underwhelmed.

Besides, the US API reported that all the crude oil, gasoline, and refined oil inventories increased more than market expectations. Further evidence about the positive dynamic may weigh on oil prices.

With Christmas drawing near, more countries will adopt lockdowns amid the worsening pandemic in the US and Europe. EIA reduced its estimate for global oil demand in 2020 and 2021, according to the Short-Term Energy Outlook released this week, again thrusting the worries about oil demand ahead of the market.

The weak oil may test the support in the downside area of $43.60-44.0 in the short term. A breach below $43.30 may pave the way for a more drastic correction, putting $41.30 or even $39.0 on the radar.

All the above is provided by WikiFX, a platform world-renowned for forex information. For details, please download the WikiFX App: bit.ly/wikifxIN

Chart: Trend of Oil Prices

Oil Prices

Where Are the Oil Prices Headed in 2021?

There’s a renewed optimism for a global economic recovery in 2021 on the news of distribution of vaccines in major economies across the world starting in few weeks’ time.

Original 2021-02-13 10:01

Oil Prices Fall amid Worries over New Coronavirus Strain

A new variant of the coronavirus is ravaging Britain. What's worse, it is spreading to Europe and other countries.

Original 2020-12-25 18:30

Oil Prices Hit Fresh High on Uncertain Outlook

WikiFX News (6 Aug) - WTI crude oil embraced a steep rise in prices, up 4.5% to the high level of $43.68, compared to its low level of $41.76. It has recorded a fresh five-month high since March 6. Nevertheless, the outlook of oil remains uncertain because of the insufficient upward momentum in future oil prices resulted from the sluggish job growth in the United States.

Original 2020-08-06 16:37