{"id":15805,"date":"2024-11-20T07:05:01","date_gmt":"2024-11-20T07:05:01","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=15805"},"modified":"2024-11-20T07:05:01","modified_gmt":"2024-11-20T07:05:01","slug":"oil-prices-hold-steady-amid-ukraine-tensions","status":"publish","type":"post","link":"https:\/\/www.global-vtrader.com\/en\/analysis\/oil-prices-hold-steady-amid-ukraine-tensions\/","title":{"rendered":"Oil Prices Hold Steady Amid Ukraine Tensions"},"content":{"rendered":"\n<p class=\"has-medium-font-size wp-block-paragraph\"><strong>Key Points:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WTI crude closed at $69.32, with an intraday range of $69.14\u2013$69.42 and resistance at $69.72.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Geopolitical risks from Ukraine-Russia tensions balanced rising U.S. crude stockpiles, keeping prices steady.<\/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\">West Texas Intermediate (WTI) crude futures stabilised at $69.32 per barrel on Wednesday after fluctuating within an intraday range of $69.14 to $69.42, as shown in the attached chart.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Prices remain range-bound, with resistance forming near $69.72. The market reflects a balance between concerns over rising tensions between Russia and Ukraine and bearish U.S. inventory data.<\/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\">A key oil market gauge is flashing signs of oversupply in the US, in the latest indication of a looming global glut <a href=\"https:\/\/t.co\/ChVgYXEY75\">https:\/\/t.co\/ChVgYXEY75<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/twitter.com\/business\/status\/1858594109075656802?ref_src=twsrc%5Etfw\">November 18, 2024<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Chart Insights<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2024\/11\/image-34-1024x442.jpeg\" alt=\"\" class=\"wp-image-15806\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><em>Picture: Crude oil consolidates near $69.30 as traders assess OPEC+ policies and global demand signals, as seen on the <a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\" title=\"\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The chart shows consolidation around the $69.00\u2013$69.50 range, with the 5, 10, and 30 moving averages converging just above $69.00, indicating a neutral short-term trend.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Resistance is visible at $69.72, while the MACD suggests low momentum, consistent with steady price action.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Prices Hike with Black Sea Tensions<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/t.co\/tDABOhsyPi\">Tensions in the Ukraine war<\/a> continue to support oil prices. Ukraine&#8217;s use of U.S. ATACMS missiles and Russian President Vladimir Putin\u2019s escalated rhetoric have heightened fears of supply disruptions from Russia, a key oil producer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>See also: <a href=\"https:\/\/www.vtmarkets.com\/analysis\/wheat-eases-as-black-sea-tensions-persist\/\">Wheat Eases as Black Sea Tensions Persist<\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Analysts suggest these risks are helping to keep a floor under Brent and WTI crude prices.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">U.S. Inventory Builds Add Pressure<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">U.S. crude oil inventories rose by 4.75 million barrels last week, far exceeding the anticipated 100,000-barrel build, according to American Petroleum Institute (API) data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gasoline and distillate inventories declined, with gasoline stocks falling by 2.48 million barrels, which partially offset the bearish impact of rising crude inventories.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/t.co\/515ImQPgSP\">Official government data<\/a>, due later today, will provide further clarity on inventory trends.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Chinese Imports Lift Demand Optimism<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Data from Kpler indicates that China, the world\u2019s largest crude importer, is on track to reach near-record <a href=\"https:\/\/t.co\/JGS4Z2Boko\">import levels<\/a> in November. This recovery follows months of weak imports that weighed on prices earlier this year, providing fresh optimism for demand growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">WTI crude is likely to remain range-bound in the short term, with traders closely monitoring geopolitical developments, U.S. inventory data, and Chinese crude import trends.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A breakout above $69.72 could signal renewed upside momentum, while a break below $69.00 may trigger additional selling pressure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">Create your live VT Markets account<\/a>\u00a0and\u00a0<a href=\"https:\/\/myaccount.vtmarkets.com\/login\">start trading<\/a>\u00a0now.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices remain range-bound near $69.32 as the rising U.S. inventories offset Russia-Ukraine risks and China&#8217;s increasing imports. &#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-15805","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\/15805","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=15805"}],"version-history":[{"count":0,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/posts\/15805\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/media?parent=15805"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/categories?post=15805"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.global-vtrader.com\/en\/wp-json\/wp\/v2\/tags?post=15805"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}