Weekly Oil Report: Uncertainty Suppressing Bullish Sentiment
On August 18, Brent oil closed at $84.79 and WTI settled around $81.36. Check out the technical analysis. Selling power took over and oil price came down by about 2% during the week. It was not a surprise to see oil losing gains as we mentioned in the last episode. The price is stalling in […]
Weekly Oil Report: Expectations for Demand Growth in 2023
On August 11, Brent oil closed at $86.55 and WTI settled around $83.01. Watch technical analysis: The sensitive price area fueled the excitement about bullish sentiments. However, the price couldn’t pass the 23% fib level resistance in daily and monthly timeframes. In the monthly view, the price is also at a historical resistance. It needs […]
Weekly Oil Report: Tight Supply Fueling Bullishness
On August 4, Brent oil closed at $85.99 and WTI settled around $82.59. Watch technical analysis on your YouTube: On Friday, the oil price couldn’t break 86 despite the sturdy growth in the last few days. The power of the current price level is undeniable but there is an interesting happening in the Ichimoku indicator […]
Weekly Oil Report: Demand Surge Despite Rising Prices
On July 28, Brent oil closed at $84.40 and WTI settled around $80.63. Watch the technical analysis: The bullish sentiment rocketed high due to the tight market and crude surpassed 84 for the first time since April. In fact, oil can leave a strong monthly bullish candle in July. As you can see on the […]
Weekly Oil Report: Purchase Power Stronger Than Expected
Bullish sentiment is growing stronger despite some economic objections against crude oil. On July 21, Brent oil closed at $80.67 and WTI settled around $76.77. Check out the Technical Analysis: Unlike expectations for a moderate fall from the breakout point, the price grew gradually to 80 after reaching halfway of the anticipated reduction. The purchasing […]
Weekly Oil Report: Growing Bullish Sentiments
On July 14, Brent oil closed at $79.63 and WTI settled around $75.22. Watch crude technical analysis: Traders were getting pretty sure about the definite growth of crude oil last week when the price turned down a great portion of the rise on Friday. The US economic reports on Thursday implemented the fears and the […]
Weekly Oil Report: Sudden Bullishness Took Over
On July 7, Brent oil closed at $78.24 and WTI settled around $73.65. Oil left a bullish candle at the end of the week and it is spreading more positive sentiments. The daily candle shows stronger movement compared to the last several tries but still can’t be sure if the price has broken through the […]
Weekly Oil Report: June Ends with a Growth After Seven Months of Consecutive Decline
After 7 months of bad luck for oil, June finally closed with 4% of growth. On July 3, Brent oil closed at $75.10 and WTI settled around $70.39. Technically, oil has not recorded any lower low since March 20. The price is making an apex while moving sideways. The purchasing power will probably push the […]
Weekly Oil Report: Fears of Economic Slowdown Surpassed Supply Difficulties
On June 23, Brent oil closed around $74.34 and WTI settled at $69.47. Things got ugly on Thursday for oil, making it to give up all the week’s gains. The daily Friday candle shows a drawback by the market. Zooming in on the timeframe, the price is at a critical point on the 50% fib […]
Weekly Oil Report: Back and Forth Motion Continues in Crude
Prices got stimulated by the positive data of Chinese refineries. But the market is still stagnated by fear and uncertainty. On June 16, Brent oil closed around $76.26 and WTI settled at $71.60. The price was down and then up in the sideways channel to close above last week. There is no new evidence regarding […]