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Oil prices attempt to rebound after yesterday's sell-off.
The crude oil market is somewhat positive in the early hours of Thursday, as the market is trying to stabilize enough to turn things around again and threaten the resistance above. At this point, the markets remain “buy on the dip” but noisy.
Crude oil futures hover near key technical levels as bearish OPEC+ signals and trade war uncertainty cloud the oil demand and price forecast.
Oil rebounds after OPEC+ discord and U.S.–China tariff talks stir volatility; Brent stalls below key EMAs as traders eye breakout cues.
WTI crude oil has reached the pivotal level following its rebound, while natural gas continues to consolidate around the $3 support.
Oil prices ticked up early on Thursday after falling nearly 2% in the previous session, with investors weighing a potential OPEC+ output increase against conflicting tariff signals from the White House and ongoing U.S.-Iran nuclear talks.
Oil consolidated in the early Asian session as traders assessed mixed signals.
Traders worry that OPEC+ will raise production despite the negative impact of trade wars.
U.S. crude oil inventories rose by 244,000 barrels, for a fourth consecutive weekly climb, amid higher net imports, while refineries ramped up their capacity use.
The crude oil market has been a bit negative in the early hours of Wednesday, as the market has been building a base for some time now. With this, it is likely that we will see noisy trading in the short term.