Oil prices stabilised after sliding in the previous session as markets weighed tensions in the Middle East, demand worries and rising OPEC supplies in early Asian markets on Tuesday, January 9.。

Market Review

On January 8 (Monday), the overall correction in commodities increased, pessimism spread in the market, and international oil prices plummeted.。WTI main crude oil futures closed down 3.$04, down 4.12%, reported 70.$77 a barrel; Brent main crude futures close down 2.$64, down 3.35%, reported 76.$12 a barrel; INE crude futures close down 3.69% at $537。

As of press time, WTI's main crude oil futures prices rose 0 today.20% at 70.$91 / bbl; Brent main crude futures up 0 today.43% at 76.$45 / barrel。

important news

l Saudi Aramco cuts crude benchmark to hit oil prices: Teamco cut the official selling price of Arab light crude sold to Asia in February by $2 per barrel, exceeding market expectations and at the lowest level in 27 months。

· OPEC oil production increases in December: OPEC oil production increased in December as increases in Angola, Iraq and Nigeria offset continued production cuts by Saudi Arabia and other members of the broader OPEC + alliance.。These factors will reduce output and market share in January, before OPEC + is due to cut production further in 2024, and as Angola exits OPEC from this year.。

l Shipping company denies agreement on safe passage with Houthis: Container shipping companies Maersk and Hapag-Lloyd deny any agreement with the Yemeni Houthis to facilitate the safe passage of ships through the Red Sea, after reports of agreement talks sent shipping companies' shares down。

l Securities investors resume selling oil futures and options: In the seven days ended January 2, hedge funds and other money managers sold the equivalent of 66 million barrels of the six most important oil futures and options contracts.。Sales were concentrated in crude oil (-63 million barrels), distributed roughly equally between NYMEX and ICE WTI (-33 million barrels) and Brent (-30 million barrels).。

Technical analysis

Rémy GAUSSENS, director of research at TRADING CENTRAL, said that on the 30-minute line, U.S. crude oil (WTI) and futures (G4) are expected to fall restrictively during the day, with technical analysis of the RSI technical indicator below the 50% neutral region.。

Trading Strategy: At 71.Under 30, bearish, target price of 70.10, then 69.45; alternative strategies: at 71.30 on, bullish, target price set at 72.00, then 72.60。Support level: 70.10,69.45; resistance level: 72.00, 72.60。

This week's important schedule

Tuesday, January 9

06: 00 US December NFIB Small Business Confidence Index

08: 30 US November Trade Account

 

Wednesday, January 10

10: 00 Monthly Wholesale Sales Rate in November

10: 00 US to January 5 week EIA crude oil inventories

10: 30 U.S. to January 5 Week EIA Oklahoma Cushing Crude Oil Inventory

13: 00 U.S. to January 10 10 10-year Treasury auction - bid rate.

13: 00 U.S. to January 10 10 10-year Treasury bid - bid multiple.

 

Thursday 11th January

08: 30 U.S. December not quarterly CPI annual rate

08: 30 US monthly CPI rate after December quarter adjustment

08: 30 Initial jobless claims for the week from the United States to January 6

08: 30 U.S. Core CPI Annual Rate Not Quarterly in December

08: 30 U.S. December Core CPI Monthly Rate

10: 30 US to January 5 week EIA natural gas stocks

 

Friday, January 12

08: 30 US December PPI Annual Rate

08: 30 US December PPI Monthly Rate

13: 00 Total number of oil wells drilled in the United States for the week ending January 12

 

* * The above schedule is US Eastern Time (UTC-05: 00) * *