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The crude oil market continues to see a lot of pressures, as we are still seeing a lot of producers flood the market with supply. At this point, the markets look soft overall.
Oil demand outlook improves on EIA data, lifting crude futures as key 200-day resistance comes into play—watch for technical breakout.
WTI climbs to $63 on sharp inventory draw, but oversupply fears and OPEC+ output keep energy markets volatile.
Aliko Dangote's oil refinery, 50 miles from the center of Lagos, is the billionaire's boldest bet. Bigger than any in Europe, it took 11 years and $20 billion to build, three-and-a-half times as long and more than twice as much money as initially planned.
Oil prices rebounded on a sharp US crude inventory draw, but bearish technical trends in WTI and natural gas persist, while the US Dollar Index consolidates near key support amid geopolitical uncertainty.
Oil prices gained slightly on Thursday as larger-than-expected declines crude oil and fuel inventories in the U.S., the world's biggest oil user, supported expectations for steady demand.
The EIA report provided support to oil prices.
Gasoline inventories decreased by 2.7 million barrels from the previous week.
The crude oil market continues to see a lot of pressures, as the markets will be looking at the oversupply of oil from Russia, OPEC, and the United States as a major issue, in an environment that suggests that we could see growth struggle as well.
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