- Crude oil markets regained some losses on Monday, as they increased by 0.8 %.
- West Texas Intermediate crude wore $ 71.00 a barrel but is still weak.
- Drilling activities in the United States are still low, but the demand is still weak.
US crude oil prices (WTI) rose on Monday, despite the lack of great news during the American session. The American markets were largely closed to celebrate the day of the presidents, which kept the trading volume under control.
Commercial sanctions keep some vessels that are anchored off the coast of Russia, which limits energy flows in Asian regions. Global demand for crude oil is also still less than expectations, which causes some pumping agencies to reduce their production standards. Despite the reduction in production, US productivity is still outperforming the ability of refineries to absorb production, as it has reached its highest level ever in the tenth week in a row according to the Energy Information Administration (EIA).
The latest weekly crude oil supply numbers for the United States are scheduled to be released from Energy Information Administration (EIA) as well as the American Petroleum Institute (API). Both numbers are scheduled to be released on Wednesday.
West Texas West crude prices expectations
Crude oil prices have obtained requests for purchase on Monday, but the barrel prices are still trading on the low side of the 50 -day SIA moving average (EMA) near 72.25 dollars. It seems that the short -term decrease in energy price movement has faded after the West Texas Intermediate crude dropped from the highest swinging level over $ 79.00, which led to the withdrawal of requests below the Si -moving average for 200 days near 73.90 dollars in this process. A technical floor was priced over the main price barrier of $ 70.00, keeping the prices confined to a narrow artistic range.
Daily graph for West Texas Intermediate crude
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2025-02-17 21:09:46