We adhered to intraday neutrality during the previous report for the second consecutive session due to the conflicting technical signals, to witness the movements of US crude oil in a positive trading session, as activating the buying positions requires a breach of 87.10, targeting 88.10 and 89.00 respectively, to record …
Read More »Oil prices fall on prospects of US rate hike
Oil prices fell slightly on Wednesday, amid fears that the US Federal Reserve will raise interest rates again next week after an unexpected rise in consumer prices in August, dispelling support from a strong outlook for the Organization of the Petroleum Exporting Countries on the growth of oil demand. Brent …
Read More »Oil is waiting for a new signal 14/9/2022
We adhered to intraday neutrality during the previous report due to the conflicting technical signals, explaining that activating the bullish path depends on confirming the breach of the 88.40 resistance level to enhance the chances of a rise towards the first target 89.45, recording the highest level of 89.30 during …
Read More »OPEC sticks to its optimistic forecasts for oil demand growth in 2022 and 2023
OPEC on Tuesday maintained its forecast for strong global oil demand growth in 2022 and 2023, based on indications that major economies are doing better than expected despite unfavorable factors such as rising inflation. The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report that oil demand …
Read More »Oil awaiting pending orders 13/9/2022
US crude oil futures prices jumped during the previous trading session, nullifying the negative outlook as we expected, in which we relied on the stability of trading below 86.40, explaining that skipping upwards and consolidating above 86.40 leads oil to complete the bullish correction. We wait for touching 87.50 and …
Read More »Several factors contribute to soaring oil prices
The performance of oil price gets firmer during the US session as both WTI and Brent crude benefit from strong risk appetite and exploit today’s weaker US Dollar. Equities in the US have pushed higher over the last week ahead of tomorrow’s CPI data, with traders betting that the peak …
Read More »Oil prices rise as supply uncertainty increases
Oil prices rose on Monday after Iran’s nuclear talks appeared to have reached a dead end and with the implementation of a Russian oil ban imminent, scarce supplies struggled to meet still-strong demand. Brent crude futures rose 88 cents, or 1 percent, to $93.72 a barrel by 1100 GMT. US …
Read More »Oil hits resistance 12/9/2022
US crude oil futures prices were able to compensate for part of their losses, to achieve remarkable increases at the end of last week’s trading, within the expected bullish path, surpassing the official target that is required to be achieved at the price of 85.80, recording the highest level of …
Read More »Oil surges on supply threats
Oil prices surged about 4% on Friday, boosted by real as well as threatened cuts to supply, although futures posted a second weekly decline as aggressive interest rate hikes and China’s COVID-19 curbs weighed on the demand outlook.Russian President Vladimir Putin has threatened to halt oil and gas exports to …
Read More »Oil rises on supply support, but is heading for a weekly decline
Oil prices rose on Friday, boosted by investor interest in Russia’s threat to halt oil and gas exports to some buyers, but crude is set for a second weekly decline as demand is affected by large interest rate increases by central banks and the impact of coronavirus-related restrictions in China. …
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