Crude oil futures market participants in crude oil

Market participants in crude oil futures are pricing in tighter summer supply as U.S. rig counts remain flat. Brent crude futures are holding near $83.50, with traders considering potential hurricane season disruptions. Seasonal patterns suggest increased bullish positioning through late August. The group has sped up output increases at a pace very few had predicted at the beginning of the year, following a long period of producers seeking to combat price erosion by implementing production cuts to make oil scarcer. Weekly oil prices in Brent, OPEC basket, and WTI futures 2020-2025 Technical setups for crude oil futures show a bullish engulfing pattern on weekly charts. Volume surged 18% above the 30-day average last week, often a precursor to sustained price shifts when fundamentals align.