Energy news

Energy commodities are essential fuels that power modern society. Explore key energy sources like crude oil, natural gas, coal, and emerging renewable energies. Learn about their global impact on the economy and environment.

Oil rises as OPEC+ likely to try to keep oil market tight; Gold lower on strong USD

Commodities are starting to post some diverging trends as US soft landing hopes improve. Oil has benefited from a resilient US economy, but gold has struggled as a tight labor market suggests the Fed may need to keep interest rates higher for longer. A recent Bloomberg survey noted that firmer growth prospects are expected through Q3, potentially rising 0.5%. The outlook for Q4 is GDP to contract 0.4%. Oil Oil prices are rising on optimism that the outlooks for China and India should keep the

21-07-2023 12:40 GMT by Edward Moya

WTI Oil Technical: Potential bullish reversal “Descending Wedge” in play

Major downtrend phase from the 7 March 2022 swing high has evolved into a potential bullish reversal “Descending Wedge” configuration. US$77.30 is the key intermediate resistance (200-day moving average & upper boundary of “Descending Wedge”). Key short-term support rests at US$72.20, also the 50-day moving average. Since its 7 Nov 2020 medium-term swing high of US$94.11 per barrel, the price actions of West Texas Oil (a proxy of WTI crude oil futures) have been oscillating within an 8-month bu

21-07-2023 03:49 GMT by Kelvin Wong