Crude oil markets rallied again early during the day on Wednesday, as we continue to see upward pressure over all.
Despite recent gains, bearish crude oil market concerns persist as China's slow recovery overshadows OPEC+ cuts and stimulus hopes.
Oil traders shrugged off worries about China's economy and focused on tightening supplies.
Crude oil markets have fallen rather hard during the day on Tuesday, although it's probably worth noting that we have seen quite a bit of upward pressure recently.
Oil futures fell Tuesday, under pressure after disappointing trade data from China sparked worries over demand.
Saudi Arabia and Russia cut oil production significantly; China's July imports hit a low, while OPEC+ aims for stability through 2024.
Oil prices rose in early trade on Tuesday as supply concerns arising from production cuts by Saudi Arabia and Russia supported the market.
WTI oil declined towards the $82 level as traders waited for additional catalysts.
Oil prices jumped to the highest level in months on Monday days after Saudi Arabia announced that it would extended production cuts for another month.
Chris Senyek, Wolfe Research chief investment strategist, joins 'Squawk on the Street' to discuss the potential pitfalls in the next six months, Senyek's main concerns with oil prices, and the impact

WTI Oil May Test Yearly Highs Soon

12:10pm, Monday, 07'th Aug 2023
The recent extension of production cuts from Saudi Arabia and Russia may push WTI oil towards the $85 level.
Both crude markets that I follow are trying to break out of a massive resistance barrier. The next few days could kick off another leg higher if momentum picks up.
Matt Smith, Lead Oil Analyst for the Americas at Kpler, discusses the road ahead for oil and gas prices.
Saudi Arabia and Russia last week announced an extension of their supply cuts in an attempt to tighten global crude oil supply.
“Oil inventories will continue to draw and prices are going to move higher, certainly in the second half of the year.” Neil Beveridge, senior oil analyst at Sanford C.
Click to get the best stock tips daily for free!

Top Fintech Company

StockInvest.us featured in The Global Fintech Index 2020 as the top Fintech company of the country.

Full report by FINDEXABLE