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Crude Oil Prices Edge Lower as Libyan Output Returns; Chinese Demand Eyed

By Geoffrey Smith AiVIF.com -- By Geoffrey Smith AiVIF.com -- Crude oil prices edged lower in relatively quiet trade on Monday, against the backdrop of a U.S. holiday and...
Crude Oil Prices Edge Lower as Libyan Output Returns; Chinese Demand Eyed © Reuters.

By Geoffrey Smith

AiVIF.com --

By Geoffrey Smith

AiVIF.com -- Crude oil prices edged lower in relatively quiet trade on Monday, against the backdrop of a U.S. holiday and data on Friday suggesting that the market has fully priced in a rebound in demand once the current wave of Covid-19 ends in the northern hemisphere.

By 9 AM ET (1400 GMT), the benchmark U.S. crude futures contract was down 0.2% at $83.11 a barrel, while Brent, the global benchmark, was down 0.3% at $85.78 a barrel. 

U.S. gasoline futures were likewise down 0.1% at $2.4158 a gallon.

Both markers are close to seven-year highs after a vigoroury rally in the last couple of weeks which has been driven largely by fears that the world's biggest oil producers are badly placed to raise output to meet demand from a recovering global economy. The Organization of Petroleum Exporting Countries in particular is struggling to deliver on its promises to raise output due to past under-investment and poor management, while U.S. shale companies are also more inclined to concentrate on generating cash flow rather than invest in producing more.

However, there were signs over the last few days that the rally may have exhausted itself in the near term. Positioning data from the U.S. Commodity Futures Trading Commission show that the ratio of bullish long contracts to bearish short ones is now over 6 times, a level that suggests a rebalancing is due. Only a month ago, that multiple was still less than 4 times.

Additionally, at least one of the world's short-term supply problems is easing. Libya, an OPEC member that isn't bound by the current output quota agreement, has now restored its daily production to 1.2 million barrels a day, the National Oil Company said in a statement on Monday. That's an increase of 500,000 b/d from earlier in the month.

Ole Hansen, head of commodity research at Saxo Bank, said via Twitter (NYSE:TWTR) that technical factors look to be turning against Brent in the short term. A renewed failure to break through the three-year high of $86.75 a barrel, which was hit in October and again last week, "could lead to a correction back to $80," Hansen said via Twitter.

Earlier, the market had been left unmoved by figures out of China showing that industrial production had been stronger than expected in December. Attention remains focused for now on China's management of zero-Covid strategy, which faces its sternest challenge yet after the discovery of locally-transmitted Omicron variant Covid in the capital Beijing. China has typically reacted to any sign of new outbreaks with harsh, demand-sapping restrictions on mobility, and failure to control the virus now could have serious implications for the hosting of the Winter Olympics, which begin in Beijing in less than a month.

Hot Auto Trade Bot Phương Thức Thanh Toán
BROKERS ĐƯỢC CẤP PHÉP
net_home_top Ai VIF
29-03-2024 07:21:10 (UTC+7)

EUR/USD

1.0785

-0.0002 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Sell (9)

EUR/USD

1.0785

-0.0002 (-0.02%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

GBP/USD

1.2623

+0.0001 (+0.01%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (9)

Sell (1)

USD/JPY

151.48

+0.10 (+0.07%)

Summary

Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (5)

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AUD/USD

0.6515

0.0000 (0.00%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

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USD/CAD

1.3538

0.0000 (0.00%)

Summary

Neutral

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EUR/JPY

163.35

+0.10 (+0.06%)

Summary

↑ Sell

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EUR/CHF

0.9726

-0.0001 (-0.01%)

Summary

Sell

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Gold Futures

2,254.80

-0.10 (0.00%)

Summary

↑ Buy

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Silver Futures

25.100

+0.002 (+0.01%)

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↑ Buy

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Copper Futures

4.0115

-0.0003 (-0.01%)

Summary

↑ Buy

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Crude Oil WTI Futures

83.11

+1.76 (+2.16%)

Summary

↑ Buy

Moving Avg:

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Brent Oil Futures

86.99

+0.04 (+0.05%)

Summary

Neutral

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Natural Gas Futures

1.752

+0.034 (+1.98%)

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US Coffee C Futures

188.53

-2.12 (-1.11%)

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Euro Stoxx 50

5,082.85

+1.11 (+0.02%)

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↑ Sell

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S&P 500

5,254.35

+5.86 (+0.11%)

Summary

↑ Sell

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DAX

18,504.51

+27.42 (+0.15%)

Summary

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FTSE 100

7,952.62

+20.64 (+0.26%)

Summary

↑ Sell

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Hang Seng

16,541.42

+148.58 (+0.91%)

Summary

Neutral

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Buy (3)

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US Small Cap 2000

2,120.15

+5.80 (+0.27%)

Summary

Neutral

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IBEX 35

11,074.60

-36.70 (-0.33%)

Summary

↑ Sell

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BASF SE NA O.N.

52.930

-0.320 (-0.60%)

Summary

↑ Buy

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Bayer AG NA

28.43

+0.01 (+0.04%)

Summary

Buy

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Allianz SE VNA O.N.

277.80

+0.35 (+0.13%)

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↑ Buy

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Adidas AG

207.00

+2.30 (+1.12%)

Summary

↑ Buy

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Deutsche Lufthansa AG

7.281

+0.104 (+1.45%)

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↑ Sell

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Siemens AG Class N

176.96

+0.04 (+0.02%)

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↑ Buy

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Deutsche Bank AG

14.582

-0.030 (-0.21%)

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 EUR/USD1.0785↑ Sell
 GBP/USD1.2623↑ Buy
 USD/JPY151.48Buy
 AUD/USD0.6515↑ Sell
 USD/CAD1.3538Neutral
 EUR/JPY163.35↑ Sell
 EUR/CHF0.9726Sell
 Gold2,254.80↑ Buy
 Silver25.100↑ Buy
 Copper4.0115↑ Buy
 Crude Oil WTI83.11↑ Buy
 Brent Oil86.99Neutral
 Natural Gas1.752↑ Sell
 US Coffee C188.53↑ Sell
 Euro Stoxx 505,082.85↑ Sell
 S&P 5005,254.35↑ Sell
 DAX18,504.51↑ Buy
 FTSE 1007,952.62↑ Sell
 Hang Seng16,541.42Neutral
 Small Cap 20002,120.15Neutral
 IBEX 3511,074.60↑ Sell
 BASF52.930↑ Buy
 Bayer28.43Buy
 Allianz277.80↑ Buy
 Adidas207.00↑ Buy
 Lufthansa7.281↑ Sell
 Siemens AG176.96↑ Buy
 Deutsche Bank AG14.582↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,880/ 8,050
(0/ 0) # 1,398
SJC HCM7,900/ 8,100
(0/ 0) # 1,450
SJC Hanoi7,900/ 8,102
(0/ 0) # 1,452
SJC Danang7,900/ 8,102
(0/ 0) # 1,452
SJC Nhatrang7,900/ 8,102
(0/ 0) # 1,452
SJC Cantho7,900/ 8,102
(0/ 0) # 1,452
Cập nhật 29-03-2024 07:21:12
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ↀ Giá vàng thế giới
$2,232.75+41.731.90%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
DO 0,001S-V21.64022.070
Dầu hỏa 2-K21.26021.680
ↂ Giá dầu thô thế giới
WTI$82.82+5.390.07%
Brent$86.82+5.180.06%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD24.580,0024.950,00
EUR26.018,3427.446,04
GBP30.390,9531.684,00
JPY158,69167,96
KRW15,8419,20
Cập nhật lúc 07:19:20 29/03/2024
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