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Signs of life from oil but it's a long road back from seven weeks of selling

Signs of life from oil but it's a long road back from seven weeks of selling

  • Oil up $1.93 today but down for the seventh week
Adam Button
Adam Button
Friday, 08/12/2023 | 20:13 GMT-0
08/12/2023 | 20:13 GMT-0
Technical Analysis

Crude oil settles at $71.23. A close below the 200 week MA is avoided.

crude oil

Crude oil settles at $71.23. A close below the 200 week MA is avoided.

  • The price is up $1.89 or 2.73%. The 200-week MA comes in at $70.32.
Greg Michalowski
Greg Michalowski
Friday, 08/12/2023 | 20:06 GMT-0
08/12/2023 | 20:06 GMT-0
News

Baker Hughes US oil rig count -2

Baker Hughes US oil rig count -2

  • Two fewer oil drilling rigs in the US
Adam Button
Adam Button
Friday, 08/12/2023 | 18:13 GMT-0
08/12/2023 | 18:13 GMT-0
Technical Analysis

Crude oil futures settle at $69.34

Crude oil

Crude oil futures settle at $69.34

  • Down four cents or -0.06%
Greg Michalowski
Greg Michalowski
Thursday, 07/12/2023 | 19:55 GMT-0
07/12/2023 | 19:55 GMT-0
Technical Analysis

Crude futures plummet by 4.07% as global growth concerns intensify

Oil

Crude futures plummet by 4.07% as global growth concerns intensify

  • US crude futures experience a sharp decline of 4.07%, marking the largest drop since November. Despite a significant drawdown in oil stocks, worries about global economic growth overshadow positive data.
Greg Michalowski
Greg Michalowski
Wednesday, 06/12/2023 | 19:58 GMT-0
06/12/2023 | 19:58 GMT-0
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