From Investing.com: 2024-02-19 08:50:00

Oil prices started the week on a downward trend after two days of gains. Potential for a bullish breakout later in the week based on recent positive price movements. US markets closed for Presidents’ Day, attention on China’s return and Nvidia earnings. PMIs and delayed US oil inventory report key focus points.

Challenges in recent oil price movements attributed to strong dollar and negative US inventory reports. EIA reported a larger-than-expected increase in crude inventories. Gasoline stocks declining, potentially indicating lower demand. Commercial crude inventory increase could signal lower demand or higher supply, awaiting this week’s report for clarity.

Despite challenges, oil risks tilted to the upside with limited negative influences. WTI technical analysis shows consolidation with bullish inclination after closing above 200-day MA. Temporary weakness today may not alter bullish trend; $77.50-60 range critical support. Overall expectation for bullish scenario to unfold.

InvestingPro provides market trend analysis and insights on undervalued stocks. Subscribe for under $9/month for comprehensive investment analysis and potential market opportunities. Stay informed and make informed investment decisions with InvestingPro.



Read more at Investing.com:: Crude Oil: Bullish Breakout to $80 on the Horizon Despite Slow Start to the Week