Oil Price - March 27
Posted: Tue Mar 27, 2018 9:51 am
Oil holds above $70 as geopolitics eclipses supply outlook. Reuters.
Brent oil rose on Tuesday, holding above $70 a barrel for a third day, supported by concerns that tensions in the Middle East could lead to supply disruptions, although with global output rising fast, investors remained cautious. Brent crude futures were up 28 cents on the day at$70.40 a barrel by 0848 GMT, while West Texas Intermediate crude futures were up 19 cents at $65.74 a barrel. The oil price has risen by more than 7 percent so far this month and by 5.3 percent in the first three months of the year, putting it on track for a third consecutive quarterly gain, something the market has not witnessed since late 2010. Geopolitics and expectations of the world’s largest exporters controlling supply have helped push Brent above $70 this year for the second time since late 2014, but analysts said this strength may not persist for long.
There is strong resistance at ~$66.50 for WTI. We need a close over $67 to move up to the next level. Weekly storage draws in April should do it.
Brent oil rose on Tuesday, holding above $70 a barrel for a third day, supported by concerns that tensions in the Middle East could lead to supply disruptions, although with global output rising fast, investors remained cautious. Brent crude futures were up 28 cents on the day at$70.40 a barrel by 0848 GMT, while West Texas Intermediate crude futures were up 19 cents at $65.74 a barrel. The oil price has risen by more than 7 percent so far this month and by 5.3 percent in the first three months of the year, putting it on track for a third consecutive quarterly gain, something the market has not witnessed since late 2010. Geopolitics and expectations of the world’s largest exporters controlling supply have helped push Brent above $70 this year for the second time since late 2014, but analysts said this strength may not persist for long.
There is strong resistance at ~$66.50 for WTI. We need a close over $67 to move up to the next level. Weekly storage draws in April should do it.