Edward Byrd
Crude oil jumped 6.73% on Monday, with the United States Oil Fund (USO) closing at 125.92 dollars, as fresh developments around Venezuelan production and shifting Asian demand patterns reshaped the supply picture. The fund still trades within its 52 week range of 102.42 to 143.78, and an RSI of 53.55 suggests the move has room to run without flashing overbought signals.
| Price | 125.92 USD |
|---|---|
| Day change | +7.94 (+6.73%) |
| 52-week range | 102.42 – 143.78 |
| RSI (14) | 53.55 |
| Volume | 5,179,491 |
At a Glance
- USO rose 6.73% to 125.92 dollars, inside its 52 week range of 102.42 to 143.78
- India's ONGC is set to take direct operational control of two Venezuelan oil projects from PDVSA
- ONGC Videsh holds 40% of the San Cristobal field and an 18% stake, alongside partners, in Carabobo 1
- Venezuelan crude exports fell 25% in July to about 856,000 barrels per day as Indian buying dropped
- ONGC's restored Sakhalin 1 stake has doubled that project's quarterly revenue contribution to roughly 105 million dollars
Indian takeaway hope drives a fresh look at Venezuelan barrels
The indian takeaway hope in this story centers on ONGC, India's state run producer, which expects to sign new agreements with Venezuela
James Stephens
