:: Market News --- ID :: 14836
crudetoday:oil is facing significant bearish pressure / 14-3-18
trading around pivot point

By Srinivas Chowdary Sunkara // petrobazaar // 14-3-18.

Crude prices are stable today after two day's fall 

Both the crude futures turned down along side of the equity markets yesterday, extending the earlier loss. The U.S government agency's report of increasing U.S production pushed down oil prices on Monday. Prices continued to sank yesterday following equity markets down trend. Though rig count news and strike in Libya, supporting oil prices, crude prices managed to trade around pivot point. 

API reported that the U.S inventories are not rising as much as expected. Today both the crude oil futures opened up and are trading down with a little change at the time of reporting.

Crude oil price update

On Tuesday, U.S WTI graded crude oil futures closed down by 65 cents or 1.06 percentage at $60.71 per barrel on Nymex while Brent futures lost 31 cents with 0.48 percentage at $64.64 a barrel on London based ICE futures Europe exchange. Both the futures are trading below 0.5% from day's open  at the time of reporting.

Comment

IEA Monthly oil report is due on Thursday. EIA is scheduled to report weekly stats. I agree with FIS view on the Brent as the fundamentals are probably not where OPEC would ideally want them to be since Brent hovering around $65 for the best part of the month now. Markets are trying to move and waiting for big news. I find technicals also seems to be on bearish trend apart from absence of fundamental clues.

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