WTI Crude gained over 2.6 percent in the week gone despite the widespread of the delta variant of the covid19 virus as depleting US Crude inventories

WTI Crude gained over 2.6 percent in the week gone despite the widespread of the delta variant of the covid19 virus as depleting US Crude inventories and an accommodative stance by the US FED underpinned market sentiments. As per reports from the Energy Information Administration, US Crude inventories decreased by 4.1 million barrels in the week ending on 23rd July’21, surpassing the market expectation of a 2.6-million-barrel fall.

The Organization of Petroleum Exporting Countries and their allies, also known as OPEC+ announced to increase Crude supply by 400,000 barrels per day from August’21 to December’21 in order to meet the rising global crude demand in the months ahead which was also supportive for Oil prices. Bets on a sustained growth in the global Oil demand and a lower US Dollar might continue to support Oil prices in the coming week.

Meanwhile, fresh upside may wait for a clear break of $73.40 to aim for July 13 peak surrounding $74.90 and the $75.00 threshold.

However, any further upside won’t hesitate to challenge the monthly high near $76.40./80/86

Suggestion:

Buy above 63.10 for 80 and 86

Else

Sell below 63.10 for 57.20 and 51.00

- share

View All

Usd/cad Corrects Further From Over A Two-year High, Downside Potential Seems Limited

Forex
2022, 27 September

Gbp/usd Sticks To Intraday Gains Above 1.0800 Mark Amid Modest Usd Weakness

Forex
2022, 27 September

Eur/usd Regains The Smile And Retargets 0.9700

Forex
2022, 27 September

MOST POPULAR

YaMarkets is a registered trademark of YaMarkets Limited.
www.YaMarkets.com is owned solely by YaMarkets Limited.
YaMarkets Limited is registered in St. Vincent & the Grenadine as an International Business Company with the registration number 26065 BC 2020.
YaMarkets Limited is authorized and regulated by the Vanuatu Financial Services Commission (VFSC) 14819
Registered Address: Suite 305, Griffith Corporate Centre, Kingstown P.O. Box 1510, Beachmont Kingstown St. Vincent and the Grenadines

RISK WARNING : Forex and CFDs are leveraged products and involve a high level of risk. It is possible to lose all your capital. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Risk disclosure

IMPORTANT NOTICE : Any news, opinions, research, analyses, prices or other information contained on this feed are provided as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and therefore, it is not subject to any prohibition on dealing ahead of dissemination. We do not make any warranties about the completeness, reliability and accuracy of this market commentary. Past performance is not an indication of possible future performance. Any action you take upon the information on this feed is strictly at your own risk, and we will not be liable for any losses and damages in connection with the use of this feed.