Weekly Oil Report: Back Above $80 By the OPEC Supply Cut
OPEC stimulated the market by continuing the cuts for April. But is it going to last? Brent oil closed around $79.73 and WTI settled above $75.65 on March 31. The oil price could get closer to the psychological resistance zone at $ 80 since Thursday. On Monday, the price opened by a nearly 5% gap […]
Weekly Oil Report: The Struggle Is Not Over
Crude oil continued the weak movement after a slight comeback to an expected price level because of incentives from the Federal Reserve. Brent oil closed around $74.49 and WTI settled above $69.19 on March 24. Oil price moved a bit upward as was expected in the technical review of the chart. The price is now […]
Weekly Oil Report: Brent Falls by the Rising Fears of a Financial Crisis
Brent dropped by over 12% during the second week of March. The sudden fear of recession and a chaotic economic condition induced the fear leading to a quick reaction from traders. Technically, the falling pattern is not over but considering the lower selling pressure at this price, we might have a correction during the coming […]
Weekly Oil Report: Confusion in Market Direction
The sudden jump of the crude to $ 85 in the first week of the market made many hopeful about a certain rise of oil to 100. Yet, the price sloped down to the former price channel again and proved the jump to be fake. On the daily chart of Brent, you can see that […]
Weekly Crude Oil: The Growth of Crude Oil
During the last week, brent did not break the resistance of 80 USD and did not fall below it. At the same time, Emirates disproved the matter of exit from OPEC and it led to the upward technical trend of oil in the markets. However, in this upward path, some minor resistances were observed that […]
Weekly Oil Report: Complex Condition of Markets
Another plunge of oil by reports on the rebuild of inventories and a hectic market in the Middle East. Brent closed at 82.81 and WTI settled at 76.42 on Friday, Feb 24. Crude oil ended Friday close to the end of last week. The price is forming a tense area as it gets closer to […]
Weekly Oil Report: All Waiting for More Certainty
This week, oil dropped by about 4% as dollar and US inventory climbed but petroleum products did not retreat as crude. Brent closed at 82.97 and WTI settled at 76.55 on Friday, Feb 17. The third drive of the price is slower than the last two drives. This time the price could not even go […]
Weekly Oil Report: Weak Movements of Crude and Metals
The world is still confused about the economic direction and it is clearly reflected in Oil and petroleum products. Brent oil closed at $86.43 and WTI settled at $79.74 on Feb 10. The price has been moving exactly as anticipated in the last video. Brent could not break through the lower resistance and it is […]
Weekly Oil Report: Slope of Oil After New Job Data
Pressure on crude knocked the price down by 7 percent. Singapore fuel was volatile as oil but bitumen stayed almost steady. Brent closed at 79.73 and WTI settled at 73.18 on Friday, Feb 3. Price partially broke through the yellow resistance on Friday. There is still a possibility for a third drive to the resistance; […]
Weekly Oil Report: Feeble Positive Signals in Petroleum Products
As oil stays in the expected range, bitumen and petrochemicals look to be ready for new growth. Brent closed at 86.05 and WTI settled at 79.36 on Friday, Jan 27. The yellow resistance has been precisely touched several times and it is moving in the defined area of the chart. In the 4h chart, you […]