Weekly Oil Report: Fears of Crude Surge
[vc_row][vc_column][vc_column_text]OPEC+ meeting ended up in an unsolved dispute with no consensus on the distribution. The group refused to stop the tight output plan while UAE had requested to increase its output. UAE is neglecting a huge proportion of its oil production capacity following the OPEC+ agreement, and it is not satisfied. OPEC’s de facto leader, […]
Weekly Oil Report: Crude Demand Motivating Suppliers
[vc_row][vc_column][vc_column_text]Crude continued the rally over the first week of July. The OPEC controversy caused a bit of fluctuation on Friday, but it did not stop the trend. Ultimately, Brent closed the week at $75.71, and WTI succeeded to decrease the gap with Brent by getting to $75.10. Crude oil price seems stabilized over $70. UAE […]
Weekly Oil Report: Crude and Petrochemicals Amused Traders
[vc_row][vc_column][vc_column_text] The crude oil market amused traders in the last week of June by reaching pre-pandemic levels. Brent closed the week at $75.11 and WTI soared to $73.97. We did not have any market mover news during the week; therefore, the oil kept moving on. The purchasing power is nearly weak at the moment. Accordingly, […]
Weekly Oil Report: Crude Rising in the Unsettled Market
In the third week of June, Brent closed at $72.43 and WTI hit $71.41 on Friday. During the week, crude faced two red days in a row but OPEC could turn the page on the next day after emphasizing the future demand as before. However, technically, the chart of crude is not promising for the […]
Weekly Oil Report: Blessed with Crude’s Market Powers
Last week, OPEC and IEA (International Energy Agency) brought more optimism to the market. The boost was expected as we were getting more successful vaccination programs. As the vaccination is getting faster, mobility rises in countries. Therefore, the demand for crude oil will be expanding. The chart of Brent oil and WTI is still not […]
Weekly Oil Report: Demand Projections Boosted Price Growth
Crude finally succeeded to reach above 70 during the first week of June. On Friday, Brent closed at $71.27 and WTI closed at $69.38. Several stimulations helped the oil, including the OPEC meeting and dollar devaluation. Currently, Brent and WTI are at the strong statistic zone of $70 which they could not pass about 3 […]
Weekly Oil Report: Market Waiting for the OPEC Meeting
[vc_row][vc_column][vc_column_text]In the last week of May, Brent closed at $68.74 and WTI closed at $66.60. The market was green but there was no sign of powerful purchase. Crude did not get to their last high prices and the trend seems to be weak. Technically, the chart is not still determined to move up further. However, […]
Weekly Oil Report: Iran-US negotiations and weak demand hit sentiments
Brent failed at $70 again and decreased about 5% last week. Brent closed at $66.39 and WTI closed at $63.85 after struggling with the strong resistance. Technically, crude oil price charts do not show enough strength to break through higher prices. It is strongly possible for Brent and WTI to see lower prices and continue […]
Weekly Oil Report: OPEC Still Expects More Demand
On 11 May, OPEC clearly stated to keep the supply steady as planned. The alliances have decided to increase production by about 2 million barrels per day. The demand from American and European countries rose after speeding the vaccination. Several cities succeeded to restrain the disease and made their cities mask free. Their fuel and […]
Weekly Oil Report: Crude Oil Surprised the Market
Oil moved up surprisingly up last week after two unexpected events. DXY devaluation Stocks rise DXY dropped during the week after some new financial reports, including Nonfarm Payrolls that was bearish for the market. With the dollar losing value consistently, commodities touch higher prices. It is for about three weeks that the dollar is depreciating […]