Tag Archives: Oil

Oil price finds some restriction after Republicans and Democrats have agreed on a deal to extend the US government debt ceiling on Sunday. The deal means a default is unlikely and boosts demand prospects in the US. US interest rates are expected to rise further after debt deal and strong …

The dollar fell on Friday, but remained close to the highest level in two months against major currencies, amid expectations that US interest rates will remain high for a longer period. Tension still hangs over the market due to the US debt ceiling negotiations between President Joe Biden and Republican …

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 …