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OIL: Oil Steadies Following Yesterday’s Surge, Holding Strongly Weekly Gain  

OIL
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  • As world leaders warn against an uncontrolled escalation in the Middle East, news emerged of significant bombing of Hezbollah targets in Beirut on Thursday.
  • Joe Biden admitted on Thursday when asked if airstrikes would target Iranian oil facilities that ‘we are discussing that.’
  • Crude oil’s price rise had stagnated yesterday following data out showing that inventory levels in the US were rising.
  • However, on news of the airstrikes, prices surge with crude trading up towards US$74/bbl, settling in Asia’s morning at US$73.61/bbl.
  • WTI also surged towards US$78/bbl, settling at US$77.50.
  • For the week crude was up almost 8% with WTI up 7.70%.
  • Iran pumps approximately 3 million barrels of oil per day and any impact on that supply would put upward pressure on prices.
  • For WTI, having pierced resistance at the 50-day EMA, at $71.69, focus turns to $76.40 next, the Aug 26 high. (for the Nov 2024 contract). 
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  • As world leaders warn against an uncontrolled escalation in the Middle East, news emerged of significant bombing of Hezbollah targets in Beirut on Thursday.
  • Joe Biden admitted on Thursday when asked if airstrikes would target Iranian oil facilities that ‘we are discussing that.’
  • Crude oil’s price rise had stagnated yesterday following data out showing that inventory levels in the US were rising.
  • However, on news of the airstrikes, prices surge with crude trading up towards US$74/bbl, settling in Asia’s morning at US$73.61/bbl.
  • WTI also surged towards US$78/bbl, settling at US$77.50.
  • For the week crude was up almost 8% with WTI up 7.70%.
  • Iran pumps approximately 3 million barrels of oil per day and any impact on that supply would put upward pressure on prices.
  • For WTI, having pierced resistance at the 50-day EMA, at $71.69, focus turns to $76.40 next, the Aug 26 high. (for the Nov 2024 contract).