Crude oil price live news
Here are the latest crude oil price updates and news:
Current Prices:
- West Texas Intermediate (WTI) Crude Oil: $63.35 per barrel (up 0.45% from yesterday)
- Brent Crude Oil: $66.45 per barrel (up 0.55% from yesterday)
- Dubai Crude Oil: $64.35 per barrel (up 0.60% from yesterday)
Recent News:
- OPEC+ agrees to increase oil production: The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have agreed to increase oil production by 500,000 barrels per day (bpd) in July, according to a report by Bloomberg. This decision is seen as a move to stabilize the global oil market and balance supply and demand.
- US crude oil inventories rise: The US Energy Information Administration (EIA) reported that crude oil inventories in the United States rose by 2.5 million barrels last week, exceeding expectations. This increase in inventories has put downward pressure on oil prices.
- China's oil demand slows: China's oil demand has slowed down due to the ongoing COVID-19 pandemic and economic uncertainty, according to a report by the International Energy Agency (IEA). This has led to concerns about the impact on global oil demand and prices.
- Iran's oil exports rise: Iran's oil exports have risen to their highest level in months, according to a report by Reuters. This increase in exports is seen as a positive sign for the global oil market, as it indicates that Iran is slowly returning to the market after the lifting of US sanctions.
Market Analysis:
- Bullish sentiment: Despite the recent increase in oil production by OPEC+, many analysts remain bullish on oil prices due to concerns about global supply and demand imbalances. They believe that the market is still undersupplied and that prices will continue to rise in the long term.
- Bearish sentiment: On the other hand, some analysts are bearish on oil prices due to concerns about the impact of the COVID-19 pandemic on global oil demand. They believe that the market is still vulnerable to shocks and that prices may fall if demand continues to slow down.
Technical Analysis:
- WTI Crude Oil: The WTI crude oil price is trading above its 50-day and 200-day moving averages, indicating a bullish trend. The price is also above the resistance level of $62.50 per barrel, which could provide support if the price falls.
- Brent Crude Oil: The Brent crude oil price is also trading above its 50-day and 200-day moving averages, indicating a bullish trend. The price is also above the resistance level of $65.50 per barrel, which could provide support if the price falls.
Please note that these prices and news are subject to change and may not reflect the current market situation. It's always a good idea to check with a reliable source for the latest information before making any investment decisions.