Crude Oil sheds earlier gains and settles $0.67 at $104.69


WTI crude oil rose to $108 and fell

The price of WTI crude oil

Crude oil

Crude oil is the most popular tradable instrument in the energy sector, providing exposure to global market conditions, geopolitical risks and the economy. The instrument is strategically used and located in the global economy. Crude oil has proven to be a unique option for traders given the volatility and effectiveness of swing trading and longer term strategies. Despite its popularity, crude oil is a very complex investment instrument, given the litany of oil price fluctuations, risks and policy impact stemming from OPEC. Short for the Organization of the Petroleum Exporting Countries, OPEC functions as an intergovernmental organization of 13 countries, helping to define and dictate the global oil market. through other instruments exhibited there. This includes energy stocks, USD/CAD and other investment options. Crude oil itself is traded on a duality of markets, including West Texas Intermediate Crude (WTI) and Brent. Brent has been the most widely used index in recent years, while WTI is more heavily traded on futures contracts at the time of writing. Apart from geopolitical events or OPEC decisions, crude oil can move in different ways. The most basic is simple supply and demand, which is affected by global production. Rising industrial production, economic prosperity and other factors all play a role in crude prices. By extension, recessions, lockdowns or other stifling factors can also influence crude prices. For example, excess supply or subdued demand due to the aforementioned factors would cause crude prices to decline. This is due to traders selling crude oil futures or other instruments. If demand increases or production plateaus, traders will bid higher and higher on the rough, driving up prices.

Crude oil is the most popular tradable instrument in the energy sector, providing exposure to global market conditions, geopolitical risks and the economy. The instrument is strategically used and located in the global economy. Crude oil has proven to be a unique option for traders given the volatility and effectiveness of swing trading and longer term strategies. Despite its popularity, crude oil is a very complex investment instrument, given the litany of oil price fluctuations, risks and policy impact stemming from OPEC. Short for the Organization of the Petroleum Exporting Countries, OPEC functions as an intergovernmental organization of 13 countries, helping to define and dictate the global oil market. through other instruments exhibited there. This includes energy stocks, USD/CAD and other investment options. Crude oil itself is traded on a duality of markets, including West Texas Intermediate Crude (WTI) and Brent. Brent has been the most widely used index in recent years, while WTI is more heavily traded on futures contracts at the time of writing. Apart from geopolitical events or OPEC decisions, crude oil can move in different ways. The most basic is simple supply and demand, which is affected by global production. Rising industrial production, economic prosperity and other factors all play a role in crude prices. By extension, recessions, lockdowns or other stifling factors can also influence crude prices. For example, excess supply or subdued demand due to the aforementioned factors would cause crude prices to decline. This is due to traders selling crude oil futures or other instruments. If demand increases or production plateaus, traders will bid higher and higher on the rough, driving up prices.
Read this term futures traded nearly 8% on the day to session highs. These highs entered a swing zone ahead of the recent April high (at $109.05). This swing zone was between $107.86 and $108.14 (see the red numbered circles and the yellow zone in the chart above). Sellers leaning over the past four hours have seen a steady and rapid return lower.

This move reduces the erased gains for the day and the contract settles at $104.69. That’s down $0.67 on the day.

A week ago, trading closed at $101.68. At the settlement price, the is still up 2.96% on the week (up $3.01) and close.

This week, the low price extended to $95.25 on Monday before rallying back to the 200 hourly moving average on Tuesday and finally breaking above that moving average in yesterday’s trade (see chart below). green line in the graph above). As mentioned, the high price today has extended to the swing zone and close to $108.00.

The $108.00 level solidified as a resistance target on the upside today/this week. The 200 hourly MA at $102.23 and the rising 100 hourly MA at 101.87 will be key levels on the downside in the new trading week.


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