Crude oil futures contracts recorded declines during trading, as West Texas Intermediate crude oil recorded its highest levels recorded since last November. Investors followed the Organization of the Petroleum Exporting Countries (OPEC) report issued last week, which included expectations that global oil demand growth will remain unchanged during the current year, at 2.3 million barrels per day. It is also expected that the demand for crude in the Organization for Economic Cooperation and Development countries will rise to about 100 thousand barrels per day during 2023. While demand in non-member countries is expected to rise to about 2.2 million barrels per day. On the other hand, the dollar witnessed a strong rise at the end of last week, after the statements of a member of the US Federal Reserve, Christopher Waller, who indicated the possibility of raising the interest rate twice, which may affect the price of crude negatively.
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on the data front, A report issued last Friday on the number of drilling rigs operating in the United States issued by Baker Hughes showed that the number of drilling rigs decreased by two platforms, to reach 588 platforms, in the week ending April 14. At the same time, the number of oil rigs recorded on an annual basis increased by 40 rigs. Gas rigs also decreased by one rig to reach 157 rigs during the same week, while the number of gas rigs operating at the same time increased by 14 rigs compared to last year, bringing the total number of rigs to 748 rigs at the present time.
The spot price of oil futures fell at 7:57 am GMT, by 0.51 percent. To trade oil at levels of 82.43 US dollars.
TechnicallyOil rebounded from its highest levels in six months, after strong gains throughout the current month. Oil opened at a price gap after OPEC’s decision to cut production, which the price has not yet closed. Crude is trading below the resistance levels that are concentrated at 84.49 and 83.16, respectively, while the price is trading above the support levels, which are concentrated at 80.66 and 79.77, respectively. At the same time, oil is trading above the Moving Average 50 on today’s timeframe, indicating the general bullish trend recorded by the price, and the RSI reached overbought areas that may reflect the possibility of the price recording some bearish correction.
