Weekly Oil Report: Quiet Global Market vs Iran’s Increasing Possibility
The slight stability of crude helped to make petrochemical prices more attractive for traders. On June 9, Brent oil closed around $74.94 and WTI settled above $70.29. The price moved in the expected range and it didn’t have any noticeable change. Obviously, Brent couldn’t break through 78 even on the third attempt. The weakness is […]
Weekly Oil Report: Will Cuts Push the Market Once More?
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Weekly Oil Report: Markets on Edge with Demand and Supply Incoherent News
Supply is not as tight as was expected on the first of May. Reports are keeping people uncertain towards the oil movement. On May 26, Brent oil closed around $77.16 and WTI settled above $72.83. Stalling at the blue resistance shows the uncertainty of traders. On the 1h chart, the sideways movement is approving the […]
Weekly Oil Report: Up or Down, All Things Are Vague
Market participants are still in a dilemma with the oil direction. Petroleum product traders have the same anxiety in several regions. On May 19, Brent oil closed around $75.84 and WTI settled above $71.83. As you can observe on the daily chart, Brent’s downtrend is not over. Though, we can see a moderate weakness in […]
Weekly Oil Report: Mixed Concerns of Demand and Supply
Another shock by crude drove all petroleum products lower. On May 12, Brent oil closed around $74.17 and WTI settled above $70.03. Mixed sentiments of the market finally weighed on the negative side and broke through 75. The next support of the price is around 71 which it had even touched before. The fall was […]
Weekly Oil Report: Sudden Rush of Fear in Oil Markets
Crude oil shocked the market with the third falling week and getting below 80 dollars. Affected by oil, petroleum products had hectic days. On May 5, Brent oil closed around $75.27 and WTI settled above $71.29. Watch the technical analysis on our YouTube Channel: Although Brent fell to 71.40 on Friday, it didn’t make any […]
Weekly Oil Report: Is the Price Exhausted to Go Higher?
Crude oil set for the 6th month of consecutive fall. The drop happened despite all the concerns about tight supply and demand improvement. On April 28, Brent oil closed around $80.25 and WTI settled above $76.61. The strong resistance at $87 is holding on since November 2022 and the price doesn’t seem to have enough […]
Weekly Oil Report: Tighter Supply Couldn’t Surpass 90
On April 21, Brent oil closed around $81.35 and WTI settled above $77.91. As mentioned in last week’s oil report, the strong resistance finally turned down the price by 5.83%. The sharp bullish sentiment is now fading gradually, though, it is not over. There are some words in the market on 100 or 200 crude […]
Weekly Oil Report: Bullish Sentiment Takes Control
Despite all the uncertainty, bullish sentiment could take over the market and push the prices higher. On April 14, Brent oil closed around $86.39 and WTI settled above $82.64. Technically, crude oil is struggling with strong historical resistance. As it is shown on the chart, this region pushed back the price two times. Currently, the […]
Weekly Oil Report: Market Tightly Trapped Between Fears and Hopes
While crude oil succeeded to have a huge price gap to get above $80 during the past days, it moved weakly afterwards. On April 6, Brent oil closed around $84.73 and WTI settled above $80.42. Price is clearly trapped in the current zone, not knowing where to be heading as the traders are very indecisive […]