Hello everyone, as we all know the market action discounts everything :)
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Oil prices rose slightly on Monday, as supply bottlenecks in Kazakhstan and Libya countered concerns about the rapid global rise in Omicron infections.
Brent crude was up 24 cents, or 0.3 percent, to $81.99 a barrel , while WTI crude in the United States was up 22 cents, or 0.3 percent, to $79.12 a barrel.
Protests in Kazakhstan disrupted train lines and impacted production at the country's largest oilfield Tengiz, while pipeline repairs in Libya reduced output to 729,000 barrels per day from a peak of 1.3 million bpd last year.
Russia's output appears to be reaching a ceiling as well and these variables "appear to be continuing to construct up a positive narrative for oil
Tengizchevroil (TCO), Kazakhstan's largest oil venture, is gradually increasing output to normal levels at the Tengiz field after protesters hampered output there in recent days, operator Chevron (NYSE:CVX) said on Sunday.
If Russia invades Ukraine, it might impair Russian crude deliveries to Europe, pushing up oil prices, according to RBC Capital analysts.
Rising global demand and lower-than-expected supply additions from the Organization of the Petroleum Exporting Countries, Russia, and allies, or OPEC+, are also helping oil.
OPEC output increased by 70,000 barrels per day (bpd) in December, compared to the 253,000 bpd rise allowed under the OPEC+ supply accord, which restored output slashed in 2020 when demand dropped due to COVID-19 lockdowns.
Energy companies in the United States began the new year by continuing to add oil and natural gas rigs after boosting the rig count in 2021 after two years of reductions.
The oil and gas rig count, a leading predictor of future output, increased by two to 588 in the week ending Jan. 7, the most since April 2020, according to Baker Hughes Co's highly watched report on Friday.
Globally, countries ranging from Europe to China and India have imposed restrictions in response to the highly transmissible Omicron coronavirus strain.
In the United States, employment increased less than predicted in December due to labor shortages, and job increases may remain modest in the short term as COVID-19 infections spread and impair economic activity.
Resistance points for the WTI
1) 81.64
2) 84.21
3) 87.78
Support points for the WTI
1) 75.50
2) 71.93
3) 69.36
Resistance points for the Brent Oil
1) 84.32
2) 86.71
3) 90.27
Support points for the Brent Oil
1) 78.37
2) 74.81
3) 72.42
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 slightly on Monday, as supply bottlenecks in Kazakhstan and Libya countered concerns about the rapid global rise in Omicron infections.
Brent crude was up 24 cents, or 0.3 percent, to $81.99 a barrel , while WTI crude in the United States was up 22 cents, or 0.3 percent, to $79.12 a barrel.
Protests in Kazakhstan disrupted train lines and impacted production at the country's largest oilfield Tengiz, while pipeline repairs in Libya reduced output to 729,000 barrels per day from a peak of 1.3 million bpd last year.
Russia's output appears to be reaching a ceiling as well and these variables "appear to be continuing to construct up a positive narrative for oil
Tengizchevroil (TCO), Kazakhstan's largest oil venture, is gradually increasing output to normal levels at the Tengiz field after protesters hampered output there in recent days, operator Chevron (NYSE:CVX) said on Sunday.
If Russia invades Ukraine, it might impair Russian crude deliveries to Europe, pushing up oil prices, according to RBC Capital analysts.
Rising global demand and lower-than-expected supply additions from the Organization of the Petroleum Exporting Countries, Russia, and allies, or OPEC+, are also helping oil.
OPEC output increased by 70,000 barrels per day (bpd) in December, compared to the 253,000 bpd rise allowed under the OPEC+ supply accord, which restored output slashed in 2020 when demand dropped due to COVID-19 lockdowns.
Energy companies in the United States began the new year by continuing to add oil and natural gas rigs after boosting the rig count in 2021 after two years of reductions.
The oil and gas rig count, a leading predictor of future output, increased by two to 588 in the week ending Jan. 7, the most since April 2020, according to Baker Hughes Co's highly watched report on Friday.
Globally, countries ranging from Europe to China and India have imposed restrictions in response to the highly transmissible Omicron coronavirus strain.
In the United States, employment increased less than predicted in December due to labor shortages, and job increases may remain modest in the short term as COVID-19 infections spread and impair economic activity.
Resistance points for the WTI
1) 81.64
2) 84.21
3) 87.78
Support points for the WTI
1) 75.50
2) 71.93
3) 69.36
Resistance points for the Brent Oil
1) 84.32
2) 86.71
3) 90.27
Support points for the Brent Oil
1) 78.37
2) 74.81
3) 72.42
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.