Fitch: Oil Supply Surplus and Price Drop Expected if Hormuz Reopens

The news headline indicates that an oil supply surplus and price decline are expected if the Strait of Hormuz opens. This implies increased supply and price pressure for Brent crude. Technical indicators also support this view: although the RSI is in oversold territory at 21.2, the MACD is below the signal line and in negative territory. The price is trading below the 20- and 50-day moving averages. The downtrend is expected to continue in the short term.

The news includes expectations of an oil supply glut and price decline, which is negative for energy stocks like Exxon Mobil. Technically, the stock is trading below its 20-day moving average, and the RSI at 45 indicates a weak zone. The MACD is below the signal line and negative, supporting a short-term bearish trend. A slight decline in the last 24 hours also shows weak momentum. However, since the 50-day average is still above, the downside may be limited.

The news includes expectations of an oil supply surplus and price decline, which could pressure energy stocks like Chevron. Technically, the price closed below the 20-day moving average (189.06) and the RSI is at 49, indicating a neutral zone. The MACD remains below the signal line, suggesting short-term weakness. However, the 50-day moving average (186.58) stands as a nearby support level that may limit the downside. Therefore, a slightly negative direction is expected.

The news includes expectations of an oil supply glut and price decline, which could put pressure on BP's stock. Technically, the RSI is in a weak zone at 42.8, and the price is trading below the 20-day moving average. The MACD remains below the signal line, indicating negative short-term momentum. However, the price is hovering near the 50-day moving average, which could act as support. Therefore, a downward trend is possible but may be limited as the stock has not entered oversold territory.