US crude oil futures prices jumped to record noticeable gains within the expected bullish context, touching the second target of the previous report at 77.00, recording a high of $77.30 per barrel. The technical outlook remains unchanged; we tend to be positive depending on the price’s consolidation in general above …
Read More »Oil may resume rising 13/7/2023
Futures prices achieved good gains during the previous trading session within the expected bullish context, surpassing the first target that should be touched at 75.60 to record its highest level at $76.11 per barrel. The technical outlook remains unchanged; we are positive depending on the price’s consolidation in general above …
Read More »Oil is getting positive signals 12/7/2023
US crude oil futures prices jumped to achieve noticeable gains yesterday to start attacking the psychological resistance level of 75.00%, recording its highest level during the morning trading of the current session at $75.10 per barrel. Technically, we are positive depending on the price’s consolidation above the strong support floor …
Read More »Oil rises on the back of OPEC+ cuts and traders focus on economic data
Oil prices rose on Tuesday, recouping some of the previous session’s losses, with traders focusing on Saudi Arabia and Russia cutting production and anticipating economic data that may help ascertain the demand for crude. Brent crude futures rose 33 cents, or 0.4 percent, to $78 a barrel by 0050 GMT, …
Read More »2023’s commodities decline could stabilize in H2
Citibank analysts say commodities have underperformed other asset classes so far this year, but the decline may be coming to an end. The Bloomberg Commodity Index is down 9.3% since the start of the year, while equities, government bonds and corporate bonds are up. The Bloomberg Commodity Index posted a …
Read More »Oil eases on China, U.S. data, but OPEC+ cuts limit fall
Monday saw a decline in oil prices following disappointing economic statistics from the two largest users, the United States and China, although losses were contained by anticipated cuts in Saudi Arabian and Russian crude supplies. By 1005 GMT, West Texas Intermediate crude in the United States was down 40 cents, …
Read More »Oil is falling before the announcement of US and Chinese data and OPEC + cuts support the market
Oil prices fell in early Asian trade on Monday as investors were cautious ahead of new economic data from the United States and China this week, while expected cuts in crude production from Saudi Arabia and Russia supported the market. By 0107 GMT, Brent crude futures were down 22 cents, …
Read More »US Is Buying M6 Barrels of Crude Oil for Emergency Reserve
President Joe Biden’s administration announced Friday it’s purchasing 6 million more barrels of crude oil for the Strategic Petroleum Reserve as it continues to slowly refill the emergency stockpile. The purchases, scheduled for October and November, come as the nation’s oil reserve is at its lowest point in 40 years …
Read More »Saudi Aramco announces an increase in the official selling price of oil
The Kingdom of Saudi Arabia announced on Friday that it will raise the selling prices of its crude oil to most of its customers in Asia during the month of August, for the second month in a row, after announcing at the beginning of this week the extension of the …
Read More »Oil maintains positive stability 7/7/2023
Mixed movements in both directions dominated the prices of US crude oil futures contracts, heading to visit the first target of 72.10, recording a high of 72.13, after it managed to breach the main resistance mentioned during the previous report at 71.55. Technically, we are positive depending on the positive …
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