{"id":15459,"date":"2024-10-23T03:00:56","date_gmt":"2024-10-23T03:00:56","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15459"},"modified":"2024-10-23T03:00:56","modified_gmt":"2024-10-23T03:00:56","slug":"oil-dips-as-u-s-crude-stocks-rise","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/oil-dips-as-u-s-crude-stocks-rise\/","title":{"rendered":"Oil Dips as U.S. Crude Stocks Rise"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Key Points:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>U.S. crude inventories rose by 1.64 million barrels, higher than the expected 300,000-barrel increase.<\/li>\n\n\n\n<li>Oil prices remain volatile, swinging between oversold and overbought territories.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p class=\"wp-block-paragraph\">Oil prices had settled higher in the previous two sessions but fell after data from the American Petroleum Institute revealed a 1.64 million barrel increase in U.S. crude stocks, surpassing analysts&#8217; expectations of a 300,000-barrel rise.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Oil prices trim Middle East war risk-gains, China demand remains a worry <a href=\"https:\/\/t.co\/8ls3mRMFUy\">https:\/\/t.co\/8ls3mRMFUy<\/a> <a href=\"https:\/\/t.co\/ptkYAQVtIz\">pic.twitter.com\/ptkYAQVtIz<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1848568739337302357?ref_src=twsrc%5Etfw\">October 22, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Despite this, gasoline and distillate fuel inventories fell by 3.5 million barrels, providing some relief to market sentiment.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/10\/image-44-1024x442.jpeg\" alt=\"\" class=\"wp-image-15460\" style=\"width:1450px;height:auto\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>Picture: Crude oil rises to 71.488, with bullish momentum while traders watch key resistance at 72.073 for further direction, as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\" title=\"\">VT Markets app<\/a>.<\/em><br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The chart closed at <strong>71.488<\/strong>, reflecting a positive trend of <strong>2.35%<\/strong> for the session. The price ranged between a low of <strong>71.298<\/strong> and a high of <strong>71.513<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After a steady uptrend, the market has pulled back slightly from its peak of <strong>72.073<\/strong>. The moving averages (5, 10, 30-period) show a bullish alignment, with the price trending above these averages, suggesting sustained buying pressure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, prices are consolidating around the <strong>71.500<\/strong> level. The <strong>MACD<\/strong> (12, 26, 9) indicates weakening bullish momentum as the histogram shows diminishing positive bars, signalling a potential correction or slowdown in the uptrend.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jim Ritterbusch, of Ritterbusch and Associates, <strong><a href=\"https:\/\/www.reuters.com\/markets\/commodities\/oil-prices-slip-rising-us-crude-inventories-2024-10-23\/\">highlighted the challenge<\/a><\/strong> of navigating the oil market\u2019s rapid fluctuations, noting that maintaining positions on either side of the market has become increasingly difficult due to the swings between oversold and overbought conditions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Middle East Tensions Remain a Key Concern<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In the Middle East, geopolitical tensions continued to impact market outlooks as Israel intensified attacks on Gaza and Lebanon.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Diplomatic efforts are ongoing, with U.S. Secretary of State engaging in extended discussions with Israeli leaders to push for increased humanitarian aid into Gaza.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the heels of these tensions, Israel <strong><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-intensifies-offensive-gaza-lebanon-after-hamas-leaders-death-2024-10-20\/\">confirmed the killing of Hashem Safieddine<\/a><\/strong>, heir apparent to Hezbollah\u2019s leader Hassan Nasrallah, who was killed last month.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The developments in the region continue to keep oil traders on alert as supply disruptions remain a potential risk.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Goldman Sachs Predicts $76 Average Oil Price by 2025<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Looking ahead, Goldman Sachs forecasted that oil prices will average $76 a barrel in 2025, citing a moderate surplus in crude and spare capacity among <strong><a href=\"https:\/\/t.co\/efiHZRcFwr\">OPEC+ producers<\/a><\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This outlook aligns with expectations of a recovery in oil demand, particularly from China, the world&#8217;s largest crude importer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Beijing\u2019s ongoing economic stimulus efforts have led some analysts to raise their expectations for future oil demand, further supporting prices.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\"><strong>Eyes on U.S. Inventory Data<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The official U.S. government oil inventory data, expected later on Wednesday, will be closely watched by market participants.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This data release could further influence price movements, depending on whether it confirms the larger-than-expected inventory build or reveals any surprises.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Start trading now \u2014 click <\/strong><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utm_campaign=account_c&amp;utm_source=dma&amp;utm_medium=website\">here<\/a><\/strong><strong> to create your live VT Markets account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices dipped after U.S. crude inventories rose more than expected, while Middle East tensions kept traders cautious. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[27],"tags":[44,34],"class_list":["post-15459","post","type-post","status-publish","format-standard","hentry","category-analysis","tag-commodities","tag-oil"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/comments?post=15459"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15459\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}