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Oil prices are moving higher as traders bet on dovish Fed.
The crude oil market rallied a bit for the week, as we are trying to find come kind of floor in this commodity. However, we have a lot of concerns about the US, OPEC, and Russia all pumping out even more oil at the moment than before.
The crude oil market continues to see a slightly upward pressure to it, but at this point it is more likely than not just a short-term situation. With this, there are still sellers above waiting for better entries.
Saudi Arabia is “investing very heavily in tourism infrastructure and opening up the economy, making it easier for people to come and visit,” Khatija Haque, Chief Economist EEMEA at Mastercard Economics Institute, told CNBC's “Access Middle East.”
WTI holds the 200-day MA as Ukraine tensions and a bullish crude inventory draw shape a cautiously bullish short-term oil outlook.
Brent crude eyes $70 amid bullish momentum, while natural gas futures face downside risks with sellers in control under key EMAs.
Oil prices were little changed on Friday but were on track to snap a two-week losing streak as hope for immediate peace between Russia and Ukraine dimmed, increasing the risk premium demanded by oil sellers.
Crude oil reached $64.43 on Thursday, challenging a double bottom breakout. A daily close above $64.18 is needed to confirm the move and test higher resistance near the 20-Day moving average.
Stock-market investors might want to keep an eye on diverging path for what are arguably the world's two most closely followed commodities.
Traders try to evaluate the possibility of additional sanctions on Russia.