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After failing to reclaim the 20-Day MA, crude oil broke down from consolidation, with further weakness likely below key levels at $60.27 and $58.86.
Oil traders stay focused on trade wars and fear that demand for oil will be weak.
President Donald Trump's wants to "drill, baby, drill" but his first 100 days in office have been rough for oilfield service firms. Baker Hughes and SLB see investment in drilling slowing this year as oil prices fall because of growing supply and concern over a recessionary slowdown.
The crude oil market continues to see a lot of pressures from above, as the market continues to see a lot of questions about the idea of the global economy, and of course the tariff issues as well.
BP CEO Murray Auchincloss told CNBC's “Squawk Box Europe” on Tuesday that the firm was “off to a great start” in delivering on its strategic reset.
Crude oil slips as trade war fears hit demand outlook; rising inventories and OPEC+ output add pressure to a bearish oil prices forecast.
The company expects to increase its production at a 4.40% CAGR between 2024 and 2028. Cenovus has a reasonable debt level. In 2024, it reported a 47.35% liabilities-to-assets ratio. The first DCF model suggests that the company is undervalued by 81.71%, while the pessimistic DCF valuation indicates that CVE is overvalued by 19.63%.
Natural gas surges past $3.33 on breakout momentum while WTI and Brent slide amid OPEC+ supply risks and geopolitical uncertainty.
BP PLC's (LSE:BP.) first-quarter underlying profits came in well below forecasts, with higher debt and a smaller share buyback than expected.
British oil giant BP posted underlying replacement cost profit, used as a proxy for net profit, of $1.4 billion for the first three months of the year. That missed analyst expectations of $1.6 billion, according to an LSEG-compiled consensus.