Weekly Oil Report: Confusion Running Through Markets
The fall of crude oil, for the third consecutive month, slowed down bitumen growth but couldn’t stop it for September. Brent closed at $93.31 and WTI settled at $87.06 on Friday. Oil plunged by about 10% in August, closing below $100 for the third consecutive month. The current daily chart of WTI shows a strong […]
Weekly Oil Report: Markets Are Still on Edge
Crude oil grew back slightly as expected leaving the bitumen market a bit confused. The weakness is not over. Brent oil closed at $100.70 and WTI rose up to $92.96 on Friday. In WTI daily chart, the growth was not significant considering the buying pressure. The weakness is still diming the market and it cannot […]
Weekly Oil Report: Is A New Pump Coming for Crude?
Another week passed with new dips of oil caused by uncertainty and probable higher supply. Brent oil closed at $95.76 and West Texas Intermediate settled at $89.87 on Friday. Although the price of oil dropped last week, the daily chart of WTI is indicating a slight weakness toward moving down. Considering the MACD and the […]
Weekly Oil Report: Mixed Sentiments of the Market
Slightly Growing up, crude made many optimistic toward increase continuation. Technically, charts are still weak for turning up. Fundamentally, the market is in a mixed condition. On Friday, Brent closed at $97.84 and WTI closed at $91.87. On the Weekly chart of WTI, last week’s growth was not much promising against the prior fall of […]
Weekly Oil Report: Crude Slumps by Demand and Dollar
The first week of August brought a deeper plunge for oil. Uncertainty grew larger in markets as the outlook of demand and dollar surprised traders. Breaking a strong resistance level at $92, WTI closed at $88.53 and Brent settled at $93.66 on Friday. Price is currently under a yearly and monthly pivot point, probably strong […]
Weekly Oil Report: Is Crude Slump Over?
Bullish sentiment ignited in crude and bitumen in the last days of July. Movements are growing are growing in various markets. Brent closed at $103.31 and WTI settled at $98.28 on Friday. Brent and WTI closed below last month in July. The price had a small growth on Friday due to a stronger concept of […]
Weekly Oil Report: Uncertainty in Demand and Supply
Crude oil and bitumen were volatile in the expected range of last week. Brent finally closed at $103.60 and WTI settled at $95.00 on Friday. In the daily chart of WTI and Brent, we can see that the falling momentum has decreased. The price level around 93 is very strong for WTI and it is […]
Weekly Oil Report: Mixed Signals Within the Market
Crude oil price dropped by the fear of the recession in the first days of the week. But it recovered as the fear eased down and supply expectations failed. Despite the 12% plunge in the price, it did not cross the blue support in the chart. Brent bounced back above $100 at $100.79 on Friday […]
Weekly Oil Report: Recession Fears Shortly Suppressed Markets
Commodities experienced a sudden and temporarily plunge during the first week of July. Oil dropped about 9% on Tuesday because of an emotional reaction to fears of a possible recession following the interest rate increase. Brent, finally, grew back to $107.00 and WTI closed at $104.78 on Friday. In the 4h WTI chart, the price […]
Weekly Oil Report: Supply Disruptions Ignite Bullish Sentiments
Crude oil jumped up on Friday after about an %8 plunge during June. Brent closed at $111.38 and WTI settled at $108.48 after the bullish sentiments built by the disruptions of supply. Technically, the price is currently struggling with the yearly pivot at around $107 (the upper white line in the chart). If it succeeds […]