The prices of US crude oil futures contracts declined significantly during the previous trading session, touching the bearish target required to be achieved yesterday at 78.60, recording its lowest level at $77.68 per barrel. Technically, looking at the 4-hour chart, the simple moving averages continue to exert negative pressure on …
Read More »Oil and negative pressure is in place 23/8/2023
Trading tended to be negative, dominating the movements of US crude oil futures within the expected downward track. It gradually approached the first target achieved during the previous report at 79.20, only to record its lowest price at $79.51 per barrel. Technically, we find the price stable below the resistance …
Read More »Oil hits resistance 22/8/2023
Futures prices failed to achieve the bullish scenario after colliding with the pivotal resistance level published during the previous technical report at 82.30, explaining that breaching it is a condition for continuing the rise. Technically, 82.30 formed a strong resistance that forced the price to decline to retest the support …
Read More »Oil breaks through resistance 21/8/2023
US crude oil futures prices recovered by the end of last week’s trading after a session of successive declines, and the support level of 79.60 succeeded in limiting the bullish tendency to reverse the bearish trend temporarily. As a reminder, we indicated during the latest technical report that the price’s …
Read More »Argentina freezes oil price at $56 to restrict inflation
Argentina’s economy ministry has agreed to freeze domestic crude oil prices at $56 per barrel until the end of October, following an agreement with the industry. The price cap, which comes after meetings between Economy Minister Sergio Massa and executives from oil companies like YPF and Vista, aims to help …
Read More »Fears of the Chinese economy tend to cut oil’s 7-week series of gains
Oil is set to end the week lower after a seven-week winning streak, as worries about China’s economy outweigh indicators of tight supply. The seven-week price rally, driven by supply cuts by the Organization of the Petroleum Exporting Countries and its allies (OPEC +), was the longest streak of gains …
Read More »Oil may resume the bearish correction 18/8/2023
The price of US crude oil futures witnessed an upward trend yesterday after several successive sessions of decline, benefiting from the support of the psychological barrier at 79.00 to provide some bullish bounce to retest the $81.00 level. Technically, looking closely at the 4-hour chart, we find the price stable …
Read More »Oil reacts to China’s effort to ease economic concerns
Oil prices slightly surged earlier on Thursday after falling for three straight sessions as a result of the sliding US Dollar Index in addition to the significant efforts by China’s central bank to support the country’s real estate sector and overall economy following fears about potential economic slowdown in one …
Read More »Oil resumes the bearish correction 17/8/2023
Significant losses were incurred by the prices of US crude oil futures contracts as part of intensive selling operations during the previous trading session, touching the bearish correctional targets, as we expected at the price of 78.95, recording its lowest level at $79.00 per barrel. Technically, looking closely at the …
Read More »Oil resumes the bearish correction 16/8/2023
US crude oil futures prices incurred significant losses during the previous trading session; within the bearish corrective context, we relied on breaking 81.70, touching the required target of 80.70, and recording its lowest level at $80.44 per barrel. Technically, looking closely at the 4-hour chart, we find the price stable …
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