Tag Archives: Oil

Oil prices fell on Monday due to traders’ wait-and-see attitude towards OPEC and its allies’ plans to cut production in the first quarter of 2024. Fears of a drop in demand also put pressure on prices. Brent crude futures settled down 85 cents or 1.08% at $78.03 a barrel, while …

An upward trend dominated the price movements of US crude oil futures contracts, as anticipated, reaching the official target at $79.40 and marking its highest level at $79.65 per barrel. However, technical analysis indicates that oil prices encountered strong resistance around $79.60, prompting a rapid reversal in the trend. Currently, …

The OPEC+ coalition, led by Saudi Arabia and Russia, has announced plans for a 1 million barrel cut to daily production, along with an extension of an earlier cut of equal size.Oil prices fell after rising by over 1% earlier in the session after OPEC+ oil producers agreed to voluntary …

Positive momentum has taken control of US crude oil futures, defying the previously anticipated negative outlook. The emphasis was on stability below the resistance level of 77.80, with a clear indication that surpassing this level would thwart the bearish scenario. This prediction materialized as oil prices rose above 77.80, reaching …

US crude oil futures witnessed mixed trading as they attempted to rise, yet these efforts remain limited, and the price remains stable below the resistance level at 77.80. Examining the 4-hour chart, negative features are evident on the Stochastic indicator, gradually losing its upward momentum. This aligns with the continued …

Negative trading dominated US crude oil futures prices, aligning with the anticipated downward trajectory outlined in the previous technical report. The market touched the initial target at 74.75 and extended losses to reach the subsequent station at 74.50, recording a low of $74.00 per barrel. Examining the 4-hour chart, there …

US crude oil futures prices experienced a significant decline last Friday, reaching the initial official target outlined in the preceding report at $75.75 and recording their lowest point at $75.13 per barrel. From a technical perspective, the prevailing downward trend persists, with trading consolidating below the 76.40 resistance level. This …

Mixed trading characterized the movements of US crude oil futures contracts in the previous session, attempting to recover from losses and reaching its peak at $76.77 per barrel. From a technical perspective, a closer examination of the 4-hour timeframe chart reveals that despite the efforts to rise, they appear to …

China’s independent refiners, known as teapots, are holding off on making new purchases due to wide discrepancies in offer prices. Since the suspension of US sanctions on Venezuelan oil in mid-October for six months, global energy firms and trading houses Vitol, Gunvor, and Trafigura have gradually resumed purchases. The independent …

US crude oil futures experienced a substantial decline in the previous trading session, aligning with the anticipated downward trajectory outlined in the preceding technical report. The price surpassed the specified targets, reaching as low as $73.85 per barrel. Examining the 240-minute time frame chart reveals efforts by oil to mitigate …