Weekly Oil Report: Absence of Israel Revenge Pushed Oil Down
Oil fell by about 8% last week as tensions dropped in the Middle East. Watch crude oil technical analysis: On Friday, Brent closed at $73.14, and WTI closed at $68.78. WTI is back to its falling channel which started in July. The double top pattern shows we can have more falling. Brent was also rejected […]
Weekly Oil Report: Fears of Supply Disruption Over Market
Iran and Israel disputes put more pressure on oil markets. Watch crude oil technical analysis: On Friday, Brent closed at $78.85, and WTI closed at $75.44. You can see the mid-September uptrend channel on the 1h chart of WTI. The breakout pullback happened and it needs to pass above 78 to stabilise. Brent price is […]
Weekly Oil Report: World Focused on Middle East and World War III
Oil was pumped up after hectic tensions in the Middle East. Watch crude oil technical analysis: On Friday, Brent closed at $78.05 and WTI closed at $74.39. Brent’s coming resistances are shown on the chart. It’s not bad to take a look at WTI chart too. WTI price broke a long-term resistance last week and […]
Weekly Oil Report: Lebanon Bloodbath Brings More Choas to the Middle East
Hectic events in the Middle East kept commodities turbulent. Watch crude oil technical analysis: On Friday, Brent closed at $71.95 and WTI closed at $68.57. Gold also had a new record by closing above $2600 per ounce. Brent had a price gap but considering the regional tensions, it can move upward again. Technically, the gap should […]
Weekly Oil Report: Geopolitical Tensions Conquered Over Economic Concerns
Brent recovered by about 4% this week and set the second straight weekly gain. Watch crude oil technical analysis: On Friday, Brent closed at $74.68 and WTI closed at $71.19. As shown on 1h chart, price has been moving along the yellow support. Momentum is a little down and the price is moving sideways but […]
Weekly Oil Report: Is This the End of Losing Streak for Crude?
Oil recovered slightly after 4 constant falling weeks. Watch crude oil technical analysis: On Friday, Brent closed at $72.09 and WTI closed at $69.20. Revised supports are shown on the chart. A divergence is happening between volume and price movements. It can be a risky factor for bulls but at the same time, the analysts […]
Weekly Oil Report: WTI Fell Below $70 by Bears
September started with a sharp fall for Oil pushing it below $70. Watch crude oil technical analysis: On Friday, Brent closed at $71.47 and WTI closed at $68.08. The triangle, shown last week on the chart, broke downward by about 7%. The price is now on long-term support and there is a chance for it […]
Weekly Oil Report: Recording a Decline For August as Demand Weakens
Oil closed August by about 5% decline. On Friday, Brent closed at $76.99 and WTI closed at $73.59. Watch crude oil technical analysis: On 4h chart of Brent, you see a triangle forming the apex and the price is getting closer to the lower line. Considering the volume and RSI, price can get lower to […]
Weekly Oil Report: Jackson Hole 2024 Pulled Oil 2% Higher
Crude oil increased as Jackson Hole 2024 took place on August 22. Watch crude oil technical analysis: On Friday, Brent closed at $79.05 and WTI closed at $74.91. WTI had about 2% growth only in two days while it was constantly falling in days before. On Brent’s chart, a diversion is visible at the current […]
Weekly Oil Report: Escalating Uncertainty in Global Markets
At the end of the week, WTI had a big dip leaving a 3% gap on the chart. Watch crude oil technical analysis: On Friday, Brent closed at $79.59 and WTI closed at $75.41. Brent moved below 61% fib level despite the decreasing US Rig count for multiple weeks. Gold also surpassed $2500 on Friday […]