Weekly Oil Report: Does Assassination of Hamas Leader Push Prices Higher Again?
On Friday, Brent closed at $77.38 and WTI closed at $74.11. Watch crude oil technical analysis: July closed with a 4% decline due to diminishing demand from China. On the 4h chart, you can see a double bottom forming a turning point. Fundamentally, rising geopolitical tensions in the Middle East support the possibility of an […]
Weekly Oil Report: Bad News for Crude Markets
On Friday, Brent closed at $79.61 and WTI closed at $76.41. Watch crude oil technical analysis: The head and shoulder pattern, shown last week, was fully completed throughout the week. Oil dropped sharply on Friday and it caused July to be a bad month for crude up to now. However, the price has not violated […]
Weekly Oil Report: Concerns Pile Up About China’s Demand
Oil dropped by about 3% due to fears about China’s demand. Watch crude oil technical analysis: On Friday, Brent closed at $82.60 and WTI closed at $78.58. Although price fluctuates in the same range as the last 6 months, it recorded a long falling candle on Friday. The head and shoulder pattern is not broken […]
Weekly Oil Report: Slower Demand Confused Traders
On Friday, Brent closed at $84.95 and WTI closed at $82.14. Despite a 2% fall, it stayed above 82 which is a strong psychological level. Watch crude oil technical analysis: Purchasing power has decreased but the general market sentiment is not turned down. Demand and expected Fed cut in September were the strongest factors. The […]
Weekly Oil Report: Fundamentals Stay in Favoure of Crude Oil
July started with over 2% growth for oil. Brent closed at $86.83 and WTI closed at $83.29. Watch crude oil technical analysis: Price is still on the way to touch the blue resistance. In 4h timeframe, a short-term support line is guiding the price to hit 90. Unless the price crosses the line, it is […]
Weekly Oil Report: Crude Prices Climbed Due to Geopolitical Risks
June ended with 3 bullish weeks for crude oil since geopolitical tensions grew constantly. Watch crude oil technical analysis: Brent closed June at $84.86 and WTI closed at $81.44. Price is trying to hit the top blue resistance for the third time on weekly and daily timeframes. Conflicts in the Middle East have been so […]
Weekly Oil Report: Crude Prices Increased with Demand Optimism and Rising Tensions
Oil futures stayed the same on Friday, June 21. Signs of rising demand and falling US oil inventories pushed the market for constant growth in the week. After a 0.8 % growth, Brent Futures closed at 85.56$ and WTI closed at 82.12$ for August delivery. Interestingly, prices have increased for the coming month by about 5% […]
Weekly Oil Report: Economy and Geopolitical Tensions Dominating
Oil markets are under mixed sentiment due to: Mixed sentiment in the market is leading to quick shifts in prices with every piece of news. Therefore, the sharp dip was covered by a sharp rise during this week due to demand outlook reports and US inflation data. On Friday, Brent closed at $82.56 and WTI […]
Weekly Oil Report: Sudden Shed of Crude Following A Bearish Pulse
Crude oil met its lowest since February. On Friday, Brent closed at $79.47 and WTI settled around $75.35. On Monday, Brent broke through the support line with a long-body candle and fell below $ 80. The market resisted the bears on Friday but it hasn’t been enough to get back on rising track. Watch crude […]
Weekly Oil Report: Mixed Signals Sparking Uncertainty and Volatilities
Oil ended May with over 5% loss for the second consecutive month in favour of sellers. Watch crude oil technical analysis: On Friday, Brent closed at $81.28 and WTI settled around $77.12. At first of the week, price penetrated 100 MA but it retreated on Wednesday. Market uncertainty is visible on lower timeframes. Geopolitical tensions in […]