Oil News: Crude Oil Outlook Hinges on Breakout Buying or Dip Support
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Key Points:
- Strait of Hormuz closure continues to restrict 20% of global oil supply, keeping crude oil outlook firmly supported
- Crude oil inventory draws persist as refiners boost demand, reinforcing bullish oil outlook despite short-term price pullbacks
- OPEC production remains steady with limited spare capacity, tightening supply and sustaining upward pressure on crude oil
June WTI Crude Oil and Spot Brent Close Out April With a Warning Shot
June WTI crude oil and Spot Brent crude oil just gave traders one of the most violent two-day stretches of the entire conflict and the chart is not done talking yet. Spot Brent touched $120.54 a barrel Thursday before reversing hard into the close. June WTI followed it down, settling near $105 after earlier strength that had the bulls feeling good about the week. The reversal looked like a breakdown. It was not. Keep reading for what the charts are saying and what is actually driving this market right now.