Tag Archives: Oil

During Thursday’s trading session, oil prices edged up following a notable increase in the previous session, with investors bracing for potential escalation in the Middle East crisis, particularly involving Iran, OPEC’s third-largest oil producer. Brent crude futures rose by 5 cents to reach $90.53 a barrel at 0632 GMT, while …

US West Texas Intermediate crude closed down 48 cents, or 0.6%, at $86.43, while Brent crude futures down 79 cents, or 0.9%, to settle at $90.38 a barrel. For Brent, it was the first drop in five sessions, and for WTI, it was the first in seven. A Hamas spokesman …

The past trading week witnessed remarkable fluctuations coinciding with the beginning of the second quarter of the year 2024, as strong US economic data raised speculation about the ability of the US Federal Reserve to reduce interest rates and when it might make such a decision. The week concluded with …

US crude oil futures prices surged, marking significant gains and making a decisive push towards the psychological resistance barrier of $83.00, reaching a peak of $83.17 per barrel. Technically, our trading outlook remains optimistic, with the simple moving averages providing positive reinforcement and buoyed by encouraging signals from the 14-day …

Mixed trading characterized the movement of US crude oil futures contracts, exhibiting both upward and downward movements and currently hovering near its lowest level at $80.45 per barrel. From a technical standpoint, we lean towards a bearish bias in our trading outlook, albeit cautiously. This is supported by the beginning …

Yesterday, US crude oil futures prices surged as anticipated in the previous technical report, reaching a peak at $82.46 per barrel. From a technical standpoint, our trading bias remains positive, supported by the consistent movement within the upward price channel. Additionally, the presence of the simple moving averages and the …

Over the past two consecutive sessions, our focus has been on monitoring the price behavior of oil due to conflicting technical signals and trading confined within defined trend boundaries. As previously highlighted in our technical report, an upward trend commenced upon crossing above the resistance level of 78.70, representing the …

The International Energy Agency (IEA) has revised its outlook for oil demand growth, citing disruptions to Red Sea shipping as a key factor. The agency, representing industrialized nations, forecasts a growth of 1.3 million barrels per day (bpd) in 2024, up by 110,000 bpd from its previous month’s projection. Divergent …

Over the past two consecutive sessions, our focus has been on monitoring the price behavior of oil due to conflicting technical signals and trading confined within defined trend boundaries. As previously highlighted in our technical report, an upward trend commenced upon crossing above the resistance level of 78.70, representing the …

In the previous technical report, we maintained an intraday neutral stance due to conflicting technical signals, coupled with trading confined within key trend boundaries. The lower boundary rested above 77.80, while the upper boundary lay below the extended resistance levels of 78.50-78.70. Technically, gold prices remained ensnared between these levels, …