Hello everyone, as we all know the market action discounts everything :)
_________________________________Make sure to Like and Follow if you like the idea_________________________________
Oil prices rose on Monday as the market began 2022 on a bullish note, with suppliers in the spotlight ahead of Tuesday's OPEC+ meeting, but rising COVID-19 cases dampening demand optimism.
Brent crude was up 59 cents, or 0.76 %, to $78.37 per barrel. West Texas Intermediate oil futures in the United States rose 63 cents, or 0.84 %, to $75.84 per barrel.
"Tightened Libyan supply ahead of an Organization of Petroleum Exporting Countries and Allies (OPEC+) meeting maintained market sentiments upbeat," said Abhishek Chauhan, head of commodities at Swastika Investmart Ltd.
Libya's official oil company announced on Saturday that owing to maintenance on a critical pipeline connecting the Samah and Dahra fields, the country's oil output would be reduced by 200,000 barrels per day for a week.
Meanwhile, four sources predict that OPEC+ will maintain to its plan of adding 400,000 barrels per day of supply in February.
Oil prices surged about 50% last year, fueled by the global economic rebound from the COVID-19 pandemic depression and production restraint, even as infections hit all-time highs around the world.
US crude is expected to average $71.38 a barrel in 2022, up from $73.31 in the previous month's consensus.
Oil and natural gas rigs were installed in the United States for the 17th month in a row, as rising prices enticed some drillers back to the wellpad following last year's coronavirus-driven decrease in demand.
As shown in a monthly report released on Thursday by the Energy Information Administration, U.S. crude oil production increased to 11.47 million barrels per day in October, up 6% from the previous month, as output climbed in the Gulf of Mexico as the region recovered from storms.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.
_________________________________Make sure to Like and Follow if you like the idea_________________________________
Oil prices rose on Monday as the market began 2022 on a bullish note, with suppliers in the spotlight ahead of Tuesday's OPEC+ meeting, but rising COVID-19 cases dampening demand optimism.
Brent crude was up 59 cents, or 0.76 %, to $78.37 per barrel. West Texas Intermediate oil futures in the United States rose 63 cents, or 0.84 %, to $75.84 per barrel.
"Tightened Libyan supply ahead of an Organization of Petroleum Exporting Countries and Allies (OPEC+) meeting maintained market sentiments upbeat," said Abhishek Chauhan, head of commodities at Swastika Investmart Ltd.
Libya's official oil company announced on Saturday that owing to maintenance on a critical pipeline connecting the Samah and Dahra fields, the country's oil output would be reduced by 200,000 barrels per day for a week.
Meanwhile, four sources predict that OPEC+ will maintain to its plan of adding 400,000 barrels per day of supply in February.
Oil prices surged about 50% last year, fueled by the global economic rebound from the COVID-19 pandemic depression and production restraint, even as infections hit all-time highs around the world.
US crude is expected to average $71.38 a barrel in 2022, up from $73.31 in the previous month's consensus.
Oil and natural gas rigs were installed in the United States for the 17th month in a row, as rising prices enticed some drillers back to the wellpad following last year's coronavirus-driven decrease in demand.
As shown in a monthly report released on Thursday by the Energy Information Administration, U.S. crude oil production increased to 11.47 million barrels per day in October, up 6% from the previous month, as output climbed in the Gulf of Mexico as the region recovered from storms.
This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!
Thank you for reading.