Despite optimism from Chinese data overnight, forecasts for lower OPEC+ output, and a weaker dollar, oil prices are tumbling this morning with WTI back below $64.50...
Baker Hughes reported on Friday that the number of oil and gas rigs in the United States fell by 1 this week. The total number of active oil and gas rigs in the U.S. is now at 402—or 390 fewer than this time last year.
Speculators have been selling oil over the past two weeks as prices continue higher and the appetite for profit-taking increases.
The back-to-back downturns that exploration and production companies (E&Ps) have faced during the past decade have accelerated the energy transition.
Oil plunged as the dollar pared losses ahead of a key OPEC+ meeting scheduled this week that may return more supply back to a fast-tightening market.
Commodities have rallied in recent months, outperforming equity indexes amid expectations of an economic recovery, easy monetary policy, and rising inflation.
Brent crude was up 66 cents, or 1.1%, at $63.09 a barrel at 0004 GMT, after climbing to a session high of $63.44, the highest since Jan. 22, 2020. U.S. West Texas Intermediate (WTI) crude futures gained 86 cents, or 1.5%, to $60.33 a barrel.
This week, Brent Oil prices broke through the technical resistance level of $60/barrel within the upward trend channel. As a result, the multiyear downward trend was broken
Brent crude for April touched a high of $59.95 a barrel and was at $59.85 by 0041 GMT, up 51 cents, or 0.9%. Front-month prices last hit $60 on Feb. 20, 2020.
Oil prices rose early on Monday, supported by a risk-on sentiment on the equity markets and expectations that the oil production curbs by OPEC+