WTI snaps three-day winning streak amid demand concerns - chaneyothess
Futures along US West Texas Liaise Petroleum snapped a ternion-Clarence Day streak of gains on Thursday amid renewed demand concerns stemming from the spread of the novel coronavirus and as oil yield returned in Mexico.
Inexperient outbreaks caused by the Delta variant of the coronavirus up concerns over the strength of global economic recovery.
"Although prices had backward strongly … questions stay on how the ever-billowing number of cases globally will affect fuel demand," Avtar Sandu, senior coach commodities at Phillip Futures in Singapore Island, was quoted as saying by Reuters.
Meanwhile, the return of oil production in United Mexican States also weighed on prices. Last weekend a fire on an offshore platform caused the death of at to the lowest degree five workers and cut output by a bit over 400,000 barrels per day. Heretofore, Pemex has recovered 71,000 barrels per day of output and anticipates to add 110,000 barrels per day more in the near-term.
Yesterday the United States Energy Information Administration reported that United States rock oil stocks had risen most recently week for a third straight historic period, while overall fuel demand rose to levels non seen since March 2022, load-bearing oil prices.
Still, many remain skeptical about requirement outlook.
"For straightaway, U.S. consumers appear to be shrugging off the spread of the Delta variant … However, IT seems likely that we are near the peak in U.S. necessitate, which will act equally a hat on oil prices," Capital Political economy pointed exterior in an investor note.
As of 8:30 GMT on Thursday WTI Crude Oil Futures were retreating 1.24% to trade at $67.51 per cask, aft climbing as high every bit $68.54 per barrel yesterday. The latter has been the commodity's strongest price level since August 13th ($69.22 per gun barrel). WTI Crude Oil Futures have retreated 8.57% so far in Aug, following a 0.65% pull ahead in July.
Simultaneously, Brent Oil Futures were losing 0.60% on the day to trade at $71.51 per cask, after climbing as spiky as $72.40 per barrel yesterday. The last mentioned has been the black fusible's strongest price index since August 6th ($72.41 per barrel). Brant Oil colour Futures have retreated 4.82% so far in August, pursuing a 0.70% gain in July.
Day-to-day Pivot Levels (traditional method of calculation) – WTI Petroleum Futures
Central Pivot – $67.94
R1 – $68.96
R2 – $69.56
R3 – $70.58
R4 – $71.60
S1 – $67.34
S2 – $66.32
S3 – $65.72
S4 – $65.12
Daily Pivot Levels (traditional method of calculation) – Brent Oil Futures
Middlemost Pivot – $71.63
R1 – $72.71
R2 – $73.49
R3 – $74.57
R4 – $75.66
S1 – $70.85
S2 – $69.77
S3 – $68.99
S4 – $68.22
Author: Miroslav Marinoff, a news editor at TradingPedia, is betrothed with observing and coverage happening the tendencies in the Foreign Exchange Market and the USA Lineage Grocery.
Source: https://www.tradingpedia.com/2021/08/26/commodity-market-us-crude-oil-snaps-three-day-streak-of-gains-amid-demand-concerns-mexico-supply-return/
Posted by: chaneyothess.blogspot.com
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