WTI Crude Oil plummets over 2% on renewed demand concerns - windsorwhock2002

Futures on US West Texas Grey Crude Oil retreated more than 2% on Thursday, since new pandemic-related lockdowns once more brought to life concerns over oil demand, true A a stranded container ship was static obstructing oil carriers in the Suez Canal.

"Oil is shifting lower, and in addition to lockdown woes, the slow consumption in Chinese buying, evidence of rising Iranian exports and clear signals that the physical market was not reflective the futures market continues to cloud the near term viewfinder," Stephen Innes, chief markets strategist at Axi, was quoted as saying by Reuters.

Oil prices sharply reversed earlier losses on Wednesday following reports of the grounding in the Suez Canal, which could potentially obstruct 10 tankers with 13 million barrels of oil, while a number of ships were in the five wait zones to pass through the 200 kilometer epithelial duct.

"The longer this disruption lasts the more likely we check refiners (and) buyers having to turn to the spot market to ensure issue from elsewhere," ING Economics said in a preeminence to clients.

Additional reinforcement to embrocate prices came from an official government report that revealed gasoline demand in the The States had picked up and refinery running rates had improved.

However, thither are analyst opinions that all supportive factors could atomic number 4 offset by rising concerns over global anele demand.

"As much as those factors were there, IT doesn't really erase the exact concerns questions that were asked in the beginning this week," Commonwealth Bank commodities analyst Vivek Dhar said.

"And while the focus was along EC, we also have ascension COVID-19 cases in places like India and Brasil, underdeveloped economies which are really critical to the narrative for property oil color demand growing."

Arsenic of 9:50 GMT on Th WTI Crude Oil Futures were withdrawing 2.26% to patronage at $59.80 per drum, while moving within a daily roll of $59.65-$60.86 per barrelful. WTI Crude Oil Futures give birth plunged 2.81% so far in March, following a 17.82% surge in February.

Brent Oil Futures were retreating 0.89% connected the twenty-four hour period to trade at $63.57 per gun barrel, while moving inside a daily browse of $63.02-$64.16 per barrel. Brent Oil Futures own born 1.40% so far in Abut, following a 17.09% surge in Feb.

Daily Pivot Levels (traditional method of calculation) – WTI Crude Anoint Futures

Centered Pivot – $59.94
R1 – $62.58
R2 – $63.99
R3 – $66.63
R4 – $69.28

S1 – $58.53
S2 – $55.89
S3 – $54.48
S4 – $53.08

Unit of time Pivot Levels (traditional method of reckoning) – Brent Oil Futures

Central Pivot – $63.06
R1 – $65.62
R2 – $67.11
R3 – $69.67
R4 – $72.24

S1 – $61.57
S2 – $59.01
S3 – $57.52
S4 – $56.04

Author: Miroslav Marinoff, a news editor in chief at TradingPedia, is engaged with observing and coverage on the tendencies in the Foreign Exchange Commercialise and the America Stock Grocery store.

Source: https://www.tradingpedia.com/2021/03/25/commodity-market-us-crude-oil-plummets-over-2-as-global-demand-concerns-overshadow-disruptions-in-the-suez-canal/

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