Brent crude oil futures are steady at $82

Brent crude oil futures are steady at $82.32, with market chatter focused on potential disruptions in Libyan exports. Hedge funds reportedly increased net-long positions, anticipating a supply-side price spike within the next two weeks. "Buying interest emerged as WTI neared its $60 support level, while heightened geopolitical risks and speculation about tighter sanctions on Russian crude also lent support," said Hiroyuki Kikukawa, chief strategist of Nissan Securities Investment, a unit of Nissan Securities. Just over a decade later, the market flipped in the opposite direction. In April 2020, West Texas Intermediate futures collapsed to -$37.63 per barrel, meaning sellers had to pay buyers to take oil off their hands. While spot crude did not go negative, this negative April 2020 price was a futures settlement price for May 2020 delivery. Brent crude oil futures remain supported at $82.34 as traders digest the latest API inventory draw of 2.7 million barrels. Technical oscillators are pointing to continued bullish divergence in the daily chart setups.