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Despite occasional drops, WTI oil futures remained squeezed within the 78.00-80.00 area and between two ascending lines for the second consecutive week. The bulls have been held back around 79.68 by the 38.2% Fibonacci retracement of the December-April uptrend, while the 200-day exponential moving average (EMA) has been restrictive too. Thus, in spite of ...
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Chinese refiners processed lower crude volumes in April due to maintenance, while apparent oil demand in the world’s top importer of the commodity fell for the first time on an annual basis since the end of 2022. Chinese government data showed on Friday that crude processing rates fell by nearly 4% year-over-year to 14.36 million barrels per day (bpd) in ...