Latest Oil Prices, Market News and Analysis for March 5 - Bloomberg
Latest Oil Prices, Market News and Analysis for March 5 - Bloomberg
Oil Dips as Technical Support Insulates Against Risk-Off Mood
- Traders weigh mixed economic data ahead of Powell testimony
- US crude prices find support at 200-day moving average
Crude has been on a slow-motion ascent, helped by OPEC+’s limiting of supply and tensions in the Middle East. Photographer: Ali Mohammadi/Bloomberg
Oil edged lower, with technical support levels limiting its losses amid risk-off sentiment in broader markets.
West Texas Intermediate slipped 0.7% to just over $78 a barrel after fluctuating in a $2 range for the day. Equity markets dropped as traders weighed mixed economic data ahead of Federal Reserve Chair Jerome Powell’s testimony in Congress. Crude’s 200-day moving average of about $77.84 has provided resistance for its declines.
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.