Weekly Oil Report: Global Fear of Recession Intensifies
Crude oil fell to $110 under the pressure of weak demand and fears of the global recession. It was the third consecutive week that the oil price dropped. Brent closed at $112.44 and WTI settled down at $107.53 on Friday. As you can see in the WTI chart, it could record 101.55 as the lowest […]
Weekly Oil Report: Markets Tremble Upon More Fears of A Recession
After weeks of the quick growth of crude, it drastically sold off during the last week. The oil price fell by around 8% and Brent settled at $113.14 and WTI got to $110.01 on Friday. Tensions existed in almost all the markets besides oil and petrochemical due to the reports on high inflation rates and […]
Weekly Oil Report: Slower Movements of crude
Note: Due to high requests from our audiences for crude price targets and more detailed observation, we decided to add a new part to our weekly oil reports containing the technical analysis of the chart. Fear and uncertainty are still flowing in the market and ended the week with an indecisive market. Brent closed at […]
Weekly Oil Report: Is Crude Heading for a Disaster?
Last week, plenty of turmoil happened to the oil market, including a new set of EU sanctions on Russian oil, an OPEC agreement to increase production, and price spikes despite dollar improvement. Oil prices often act inversely to the US dollars but crude grew over the last week despite the strong dollar. Eventually, Brent closed […]
Weekly Oil Report: US Demand Season Pushing Prices
Crude oil closed the last week of May with gains for the six consecutive months. With about 6% growth on Friday, Brent closed at $119.20 and with 4% growth, WTI settled at $115.08 in the last trading session. Improving demand is highlighting the supply disruptions more than before. The high demand season in the US […]
Weekly Oil Report: Bullish and Bearish News Colliding
Crude oil experienced a week full of volatility and indecisiveness under more pressure from demand and supply. Fears of recession, famine, new virus outbreaks, and tighter supply left market participants uncertain about bullish and bearish sentiments. Consequently, WTI fluctuated in the range of $104 – $116 and closed at $110.52 on Friday. Brent also withstood […]
Weekly Oil Report: Lower Demand Claims Could Not Pull the Price Back
Oil prices increased at the end of the week despite forecasts about weaker demand in 2022. Reports, mostly by OPEC and IEA, show that there will be a lower demand for oil in 2022 since inflation is still rising. However, the reports could not suppress the prices and Brent closed at $111.19 and WTI closed […]
Weekly Oil Report: Supply Disruptions Intensify
The first week of May brought another consecutive week of growth for crude. Brent oil closed at $112.34 and WTI touched $110.49 at the end of Friday’s session. Russia’s new war deadline fears, the EU’s disappointment to find new suppliers, and the new US attempts to stop the oil monopolies intensified the supply disruptions. May […]
Weekly Oil Report: Persistent Growth of Commodities
Crude oil recorded over 2% growth for the fifth consecutive month. Brent closed at $105.85 and WTI closed at $104.13 on the Last week of April. The situation with fundamental concerns stays similar to former weeks. Technically, the momentum of the price growth has slowed down and we might have a price correction in May […]
Weekly Oil Report: Mixed Signals of the Market
Oil markets were still under the pressure of volatility during the last week. There are both bullish and bearish sentiments running through the market and it has confused many petrochemical traders. New attacks on Ukraine, untamed inflation, embargoes, and supply/demand problems set the stage for another falling week of oil. Following the one-month bearish trend […]