Crude Futures Edge Up on Potential Technical Rebound

Deep News01-16

Crude oil futures edged higher in early Asian trading, following significant declines in the settlement prices of West Texas Intermediate (WTI) and Brent crude futures on Thursday, suggesting the current uptick may represent a technical rebound.

The front-month WTI crude futures contract rose 0.3% to $59.35 per barrel, while the front-month Brent crude futures contract increased 0.2% to $63.86 per barrel.

The oil market may also be finding support from potential supply disruptions.

U.S. Southern Command confirmed that American forces seized a sixth oil tanker near Venezuela on Thursday morning.

Analysts at ANZ Research noted in a report that this action appears to be part of an embargo enforcement targeting the sale of sanctioned oil.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment