Crude Oil Futures May See a Technical Correction

On May 9, crude oil futures may have a technical correction in early Asian trading after rising more than 2% on Monday, but the decline may be limited by supply-side problems.

According to Vortexa data, the amount of crude loaded on stationary tankers has fallen to the lowest level since mid-February, ANZ research analysts said in a research note.

In addition, oil supplies in Canada have also been disrupted after wildfires in Alberta shut down a system of oil pipelines, analysts said.