Latest Oil Market News and Analysis for Feb. 13 - Bloomberg
Latest Oil Market News and Analysis for Feb. 13 - Bloomberg
Oil Rises as OPEC Demand Outlook Aids Push Past Technical Level
- WTI breaches its 200-day moving average, a resistance level
- IEA expects an increase in global oil consumption in 2024
Oil rose after a bullish demand outlook from OPEC helped crude surpass a key technical level that had served as the ceiling of this year’s narrow trading band.
West Texas Intermediate rose 1.2% to settle near $78 a barrel, pushing past its 200-day moving average of about $77.40. With bulls also finding support from OPEC’s projections that global oil demand will continue strong growth this year, the breach above the technical threshold raises the possibility of additional upward momentum.
Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.