The recent gains in WTI and Brent were a treat for investors and a boon for oil bulls. The original catalyst for this most recent rally was a bullish inventory report, with the EIA announcing that inventories at Cushing, Oklahoma, had declined by 5.8 million barrels.
crude news
Crude Oil Slip Before Iran Decision News By Neal Bhai MFA Technical Analyst
Gold Silver Reports (GSR) – Crude Oil Slip Before Iran Decision News By Neal Bhai MFA Technical Analyst — U.S. stocks slumped as utility and telecom shares fell. West Texas crude sank as much as 4.4 percent before paring the loss as a U.S. official said Trump would quit the accord. The greenback strengthened for a third day. Ten-year Treasury yields approached 3 percent after JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon warned a climb to 4 percent may be coming.
OPEC on Verge of 9-Month Cuts Extension After Iraq Backing
Gold Silver Reports — OPEC and its allies were poised to continue their production cuts for another nine months after Iraq backed an extension, removing one of the last remaining obstacles to an agreement.
Crude Oil MCX Support Key Level at 2918
Gold Silver Reports — Technically Crude oil market is under short covering as market has witnessed drop in open interest by 0.84% to settled at 18773 while prices up 11 rupees.