Oil Market Analysis: Potential Pullback Amidst Upward Trend
Global Oil Demand & Market Analysis: Sevens Report Analysts Quoted in MorningStar
Oil prices extend rise on supply worries
“On balance, the absence of sizable downward revisions to global oil demand over the next two years, despite recession risks, helped the oil market power on to new highs. Futures have become overextended to the upside and are in technically overbought territory on the daily time frame charts, leaving the market susceptible to a profit-taking pullback in what is otherwise a still clearly upwardly trending energy market,” analysts at Sevens Report Research said in a note.
A hot consumer-price index reading Wednesday morning or a bearish weekly supply report from the Energy Information Administration could serve as a catalyst for a pullback,” they wrote.
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