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Crude oil rally intensifies; WTI surges 5% to top $50/bbl

Published 01/09/2019, 12:26 PM
Updated 01/09/2019, 12:26 PM
© Reuters.  Crude oil rally intensifies; WTI surges 5% to top $50/bbl
  • Crude oil prices roar back after earlier paring gains as government data showed U.S. crude stocks fell less than expected last week, with the WTI benchmark topping $50/bbl for the first time since mid-December on continued optimism over U.S.-China trade talks and Saudi production cuts; WTI +4.9% to $52.23/bbl, Brent +4.3% to $61.26/bbl.
  • "Oil has yet to have a losing session in 2019, and the near-term path of least resistance is still higher based on momentum and near-term technicals," according to the Sevens Report. "However, the longer-term outlook is still unclear as production/export cuts won't be enough to curb another bout of broad market volatility."
  • But PVM Oil analyst Stephen Brennock warns against excessive optimism, saying "buyers have placed all their betting chips on the U.S. and China resolving their trade spat" and noting that a failure to secure a meaningful breakthrough would spark a turnaround in sentiment.
  • ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, ERYY, ERGF, OILD, OILU, USAI
  • Now read: Crude Oil Analytics: Potential Recovery Of Brent Crude Oil Price In 2019


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