{"id":16702,"date":"2025-02-21T07:59:14","date_gmt":"2025-02-21T07:59:14","guid":{"rendered":"https:\/\/www.vtmarkets.com\/?p=16702"},"modified":"2025-02-21T07:59:14","modified_gmt":"2025-02-21T07:59:14","slug":"oil-holds-above-72-set-for-weekly-gain","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/en-asia\/analysis\/oil-holds-above-72-set-for-weekly-gain\/","title":{"rendered":"Oil Holds Above $72, Set for Weekly Gain"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/en-asia\/wp-content\/uploads\/sites\/27\/2026\/03\/1_download-2-1-1024x559.png\" alt=\"\" class=\"wp-image-16703\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Key Points<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>CL-OIL (WTI) closed at $72.34<\/strong>, after hitting a <strong>high of $73.13<\/strong> earlier in the session.<\/li>\n\n\n\n<li><strong>Brent crude trades at $76.45<\/strong>, posting its second straight weekly gain.<\/li>\n\n\n\n<li>U.S. crude stocks increased, while gasoline and distillates decline. Kazakhstan hit record oil production, despite pipeline disruptions.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-dots\" \/>\n\n\n\n<p><strong>CL-OIL (WTI) hit an intraday high of $73.13<\/strong> before pulling back to <strong>close at $72.34<\/strong>, marking its <strong>first weekly gain after four straight weeks of declines<\/strong>. The <strong>2% weekly increase<\/strong> came amid a <strong>stronger demand outlook in the U.S. and China<\/strong>, as well as persistent supply concerns from <strong>Russia and Kazakhstan<\/strong>.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Russia&#39;s Syzran oil refinery suspended operations following a drone attack, sources say <a href=\"https:\/\/t.co\/y9tzIVVqEt\">https:\/\/t.co\/y9tzIVVqEt<\/a> <a href=\"https:\/\/t.co\/D4tPcC1LHd\">pic.twitter.com\/D4tPcC1LHd<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/twitter.com\/Reuters\/status\/1892281795363651796?ref_src=twsrc%5Etfw\">February 19, 2025<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Meanwhile, <strong>Brent crude (BRN1!) trades at $76.45<\/strong>, also recording its <strong>second consecutive weekly gain<\/strong> after three weeks of declines.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Technical Analysis: CL-OIL at Key Levels<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/en-asia\/wp-content\/uploads\/sites\/27\/2026\/03\/2-10-1024x442.jpg\" alt=\"\" class=\"wp-image-16779\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><em>Picture: Crude oil stabilizes around $72.340, with resistance at $73.13 capping upside momentum, as seen on the&nbsp;<a href=\"https:\/\/vtmarketsapp.onelink.me\/CD7D\/240525WA\">VT Markets app<\/a>.<\/em><\/p>\n\n\n\n<p>Crude oil <strong>closed at $72.340<\/strong>, edging <strong>0.40% higher<\/strong> after reaching a session high of <strong>$72.745<\/strong> and a low of <strong>$72.280<\/strong>. Price action reflects a recovery attempt but faces resistance near recent highs.<\/p>\n\n\n\n<p><strong>Moving averages (MA 5,10,30)<\/strong> show mixed signals, with short-term MAs flattening, suggesting hesitation. <strong>MACD (12,26,9)<\/strong> has shifted bearish, with the signal line crossing downward and histogram bars turning negative, hinting at weakening momentum. <strong>Support is established at $71.715<\/strong>, while <strong>resistance remains firm at $73.13<\/strong>.<\/p>\n\n\n\n<p>A break above <strong>$73.13<\/strong> could reinforce bullish sentiment, while sustained pressure below <strong>$72.000<\/strong> may invite sellers.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Demand Growth and Supply Risks Keep Oil Prices Elevated<\/h2>\n\n\n\n<p>Global oil demand has averaged <strong>103.4 million barrels per day (bpd) as of February 19<\/strong>, marking a <strong><a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-extends-gains-strong-us-demand-hopes-russia-supply-concerns-2025-02-21\/?utm_source=chatgpt.com\" title=\"\">1.4 million bpd increase<\/a><\/strong>, according to <strong>JPMorgan analysts<\/strong>. This rise is driven by <strong>colder U.S. weather<\/strong>, which has boosted energy consumption, and <strong>China\u2019s post-holiday industrial rebound<\/strong>, which has increased fuel demand. <\/p>\n\n\n\n<p>Meanwhile, the <strong><a href=\"https:\/\/www.eia.gov\/petroleum\/supply\/weekly\/pdf\/wpsrall.pdf\" title=\"\">Energy Information Administration (EIA)<\/a><\/strong> reported that <strong>U.S. crude oil inventories rose<\/strong>, while <strong>gasoline and distillate stockpiles declined<\/strong>, tightening short-term market conditions.<\/p>\n\n\n\n<p>On the supply side, disruptions in <strong>Russia and Kazakhstan<\/strong> have kept oil prices supported. <strong>Caspian Pipeline Consortium (CPC) crude flows fell by 30%-40%<\/strong> following a <strong><a href=\"https:\/\/www.reuters.com\/business\/energy\/russia-says-ukrainian-drone-attack-pipeline-carrying-1-global-crude-could-2025-02-18\/?utm_source=chatgpt.com\" title=\"\">Ukraine drone strike<\/a><\/strong> on Russian infrastructure, limiting exports. <\/p>\n\n\n\n<p>Despite these disruptions, <strong>Kazakhstan pumped record-high oil volumes<\/strong>, though how the country managed to bypass logistical challenges remains unclear.<\/p>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\">Market Outlook<\/h2>\n\n\n\n<p><strong>CL-OIL remains supported by demand growth and supply risks<\/strong>\u2013but traders will continue to watch for <strong>further EIA data, any further geopolitical developments, and Kazakhstan\u2019s export situation<\/strong> to gauge near-term direction.<\/p>\n\n\n\n<p><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">Create your live VT Markets account<\/a><\/strong><strong>&nbsp;and&nbsp;<\/strong><strong><a href=\"https:\/\/myaccount.vtmarkets.com\/login\">start trading<\/a><\/strong><strong>&nbsp;now.<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.vtmarkets.com\/#facebook\" rel=\"noreferrer noopener\" target=\"_blank\"><\/a><\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CL-OIL (WTI) holds at $72.34 after hitting $73.13, set for weekly gains as demand rises and supply concerns persist. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":66,"featured_media":16703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[31],"tags":[66],"class_list":["post-16702","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-oil"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts\/16702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/comments?post=16702"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/posts\/16702\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/media\/16703"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/media?parent=16702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/categories?post=16702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/en-asia\/wp-json\/wp\/v2\/tags?post=16702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}