Oil

US crude oil futures settle at $78.15

• Down -$0.59 or -0.75%

US crude oil futures settle at $78.74

• Down $-1.23 or -1.54%

Crude oil retraces and dips to low of swing area. Finds support buyers.

• Support near $78.86 and 200-hour MA at $78.75 now

Crude Oil Technical Analysis

• Crude oil rejected resistance level at 80.70. OPEC+ extends cuts and geopolitical tensions loom, focusing on Gaza truce.

Oil - OPEC+ extends output cuts by three months.

• Eight Opec+ members, including Saudi Arabia and Russia, said they would extend their latest voluntary supply cuts to the end of June

OPEC+ extends voluntary cuts for another quarter

• OPEC will keep quotas in place through Q2

Oil breaks $80 for the first time in nearly 4 months

• Oil hasn't traded above $8 since November 7

Crude oil futures settle at $78.26

• Down $-0.28 or -0.36%

US crude futures settled at $78.54

• Down $-0.33 or -0.42%

Russia's Novak: We see balance of supply and demand on the global oil market

Weekly Crude oil inventories rose 4.199M versus 2.743M estimate

• Weekly EIA inventory data for energy products

WTI Crude Oil Technical Analysis

• Crude Oil consolidates right below the $80 level. What’s next?

CEO of Vitol expects crude to be fairly stable around $80 a barrel in 2024

• Vitol is the world's biggest independent oil trader.

Private survey of oil inventories shows much larger headline crude build than expected

• The inventory data from the private survey is out now, official data follows Thursday morning (US time).

Oil jumps on report that OPEC will consider extending voluntary cuts. Asian demand strong

• WTI crude up by more than $1