Weekly Oil Report : Price stability of oil and factors influencing its upward trend
Despite the unstable market conditions, the Brent price was able to stay in the $ 70- $75 range during the last week from September 13 to September 20. The maintenance of this price over the past week indicates that the world economic situation is improving. On the other hand, the number of Corona cases around […]
Weekly Oil Report: Hopes Are Still Keeping the Market Bullish
Crude price bounced back during the last three weeks after stronger hopes for a steadier market and demand. Last week, oil fluctuated in the range of $ +2 / -2 as we expected. With a growth of about 2.5%, Brent could close at $73.34 and WTI got to $69.58 on the last seconds of the […]
Weekly Oil Report: The Vicious Cycle of Covid and Economic Transformations
Crude succeeded to rise a bit higher in the first week of September. However, the rise was not significant due to several incidents, including the oil spill of the Ida hurricane in the Gulf of Mexico and a variant of interest of covid. The crude ended Friday with Brent at $72.05 and WTI at $69.20. […]
Weekly Oil Report: Demand Outlook Overcome the Delta Crisis
Crude could recover the former fall at the end of August. The fall that was imposed by the fear of the Delta variant of covid settled down after the approval of Pfizer by the FDA. The vaccinations are giving hope to the markets for once more. Therefore, Brent and WTI reacted to their price resistance […]
Weekly Oil Report: Oil Dents As Covid and Demand Outlook Slump
Market participants experienced disappointing days last week. Oil and fuel resumed the descending pattern all along. Negative sentiments empowered the situation for Brent to drop to $64.41 and WTI to get to $61.92 at the end of the market on Friday. The Brent resistance at $64 has been strong enough to hold the price at […]
Weekly Oil Report: Clouds of Doubts Hovering Over
Crude market participants passed a flickering week ended in following the descending trend of Brent and WTI. The global covid condition and demand outlook is now dim for traders. Weekly charts of crude state a powerful uncertainty within the market during the second week of August. On Friday, Brent closed at $69.79 and WTI had […]
Weekly Oil Report: A Surprise for Crude Traders
Crude started disappointingly in August due to the resurgence of Covid in more regions and tensions in the Middle East. Brent closed at $69.94 and WTI fell to $67.97 on the Friday session. The price is showing resistance to $70 prices. Technically, the price of crude is at a critical point which may see lower […]
Weekly Oil Report: Hopes for a Steady Crude Market
Crude had a stable week at the end of July. Brent closed the week at $74.85, and West Texas Intermediate stopped at $73.66 on Friday, succeeding to keep close to Brent price. According to the technical analysis, the price has already stabilized between $70 to $75. We expect a steady market in the mentioned range. […]
Weekly Oil Report: Quick Recovery Gave Hope
Oil crashed to $65 – $66 during last week after the OPEC decision. As we reported in last week review, the drop was predictable after the inconsistency and uncertainty among traders. Despite the sharp drop of crude, it could revive above $70 gradually. Brent could close the week at $73.36 and WTI ceased at $72.06 […]
Weekly Oil Report: Calming the Market by Supply Boost
[vc_row][vc_column][vc_column_text]Crude sudden rising movements frightened all the covid-reviving economies and central banks. WTI and Brent could reach a 1-2 year highs during July after the OPEC+ dispute. However, the OPEC+ ministers ultimately agreed on boosting supply last week. The agreement caused several days of the red-colored market for crude. Finally, Brent closed at $72.49 and […]