Tag Archives: Oil

US crude oil futures declined, invalidating the positive outlook as we expected, in which we relied on trading stability above 73.40, touching the stop loss order, and recording a low of 71.04. Technically, the current movements are stable below the previously broken support at 71.55, represented by 61.80% Fibonacci correction, …

US data pointed to a resilient economy while progress on US debt ceiling talks remained elusive, helping Treasury yields higher and the US Dollar to score its highest level in over two months. Traders were wary of a possible default in early June while US President Joe Biden and top …

Oil price declines as traders take profit. The US dollar continues rallying after US macroeconomic data reinforces an optimistic view of the economy. Oil, however, is supported by EIA inventory data, showing a steep drawdown in the prior week, reflecting rising demand.The comments by the Saudi Oil Minister warning short-sellers …

Positive trading dominated the prices of US crude oil futures contracts yesterday, supported by the continuation of gaining bullish momentum that led prices to touch the first expected target at 74.50, recording the highest of $74.70 per barrel. Technically, the positive impact of the bullish technical structure during the previous …

Oil has been buoyed by comments from Saudi Oil Minister, Prince Abdulaziz bin Salman, who warned Oil speculators to “watch out” and that they might suffer as they did “in April”. His comments have been taken as warning to short-sellers that the Oil price might rise. Abdulaziz defended OPEC and …

Oil prices rose on Wednesday after data showed a decline in US oil and fuel stockpiles, along with increasing speculation of new production cuts by the OPEC + alliance, after a warning from the Saudi Energy Minister to speculators. Brent crude futures rose 88 cents, or 1.2 percent, to $77.72 …

The futures prices of US crude oil witnessed a trading session in the green areas, heading to record the first weekly gain in almost a month, touching $73.93 per barrel. Today’s technical side indicates the possibility of continuing the rise, relying on the bullish technical formation shown on the 4-hour …

Tuesday saw a rally in oil prices, and a bullish triangle appeared on the 4-hour chart, indicating that the bearish trend might be changing. The release of API inventory data later on Tuesday may cause some volatility in the movement of Crude Oil prices. A recent EIA report highlights increased …

Saudi Arabia’s energy minister has cautioned oil speculators to “be careful” ahead of the latest OPEC+ meeting, after the group decided to cut output in early April. “I would just tell them to watch out,” Prince Abdulaziz bin Salman remarked on Tuesday, implying that those wagering against oil price hikes …

Gold’s gains from Friday were partially reversed, with XAU/USD slipping towards $1,970/oz. Additionally falling, silver finished the day at $23.60. The performance of cryptocurrencies was uneven, with BTC/USD failing to recoup $27,000. Prices for crude oil increased somewhat; WTI got close to $72.00. On a quiet Monday in the financial …