Weekly Oil Prices Forecast and Technical Analysis for Jan 07, 2024
Oil prices moved exactly as predicted last week, with Brent oil initially falling to the $74 range before rallying with demand to reach $78.75. As you see in the chart, the price has reached the resistance of the short-term downward trend. If it breaks through the resistance, the price will continue on its upward trend. […]
OPEC+ will hold a JMMC meeting next month.
OPEC+ will hold a Joint Ministerial Monitoring Committee meeting sometime in early February, three sources said on Tuesday, according to media. OPEC+ typically holds JMMC meetings every other month, although volatile market conditions and member unrest have sometimes prompted the group to schedule meetings outside the every-other-month schedule. OPEC+ members collectively decided to voluntarily cut […]
Weekly Oil Prices Forecast and Technical Analysis for Dec 31, 2023
Based on last week’s forecast, oil could not break the short-term downward trend line and was trading down ahead of API data release as the year drew close to the end. It is expected that this downward trend will continue in the coming year, with Brent oil falling to the initial support of around $74. […]
Iran Reports Growth in Exports of Oil and Gas
Iran has exported $26.46 billion worth of crude oil since the beginning of its calendar year in March, contributing to a 7% increase in total trade, which stood at $112 billion during the period. This information comes from customs data from Tehran, as reported by Reuters. For the upcoming year, Iran’s government has made budget […]
Weekly Oil Prices Forecast and Technical Analysis for Dec 24, 2023
As predicted last week, crude oil prices rose, and Brent reached around $79.As you see in the chart, the price of Brent crude oil has reached the resistance range of the short-term downward trendline and cannot keep moving until it is broken.Therefore, for the next week, the Brent crude oil price is expected to fluctuate […]
Russia’s oil exports to China and India have increased
Russia has significantly increased its crude oil exports to China and India this year. Nikolay Tokarev, the head of Russian oil pipeline monopoly Transneft, revealed that volumes to China have reached 100 million tons annually, or roughly 2 million barrels per day. In an interview with state television Rossiya 24, Tokarev stated that export volumes […]
Weekly Oil Prices Forecast and Technical Analysis for Dec 17, 2023
As we expected, with the Brent crude oil price reaching strong support around $70-72, and the positive RSI divergence, the price rose and reached $76.5. Due to the demand growth last week and the positive divergence in RSI, we expect the Brent crude oil price to rise for next week as well. Crude oil prices […]
Oil Prices Continue to Fall Ahead of the Fed Meeting and EIA Report
Oil prices started the day with a loss in Asian trading today as concerns about oversupply and weak demand continued to weigh on prices. Traders are also waiting for the outcome of a Fed meeting today and the Energy Information Administration’s latest weekly oil inventory report. Reuters noted in a report that recent economic data […]
Weekly Oil Prices Forecast and Technical Analysis for Dec 10, 2023
Crude oil prices were set for their seventh weekly decline, with WTI seeing a $15 per barrel loss over the last two months, and Brent crude seeing a $13 per barrel loss. Technically looking at the daily chart below, the RSI has reached the oversold range and there is a positive RSI divergence (blue line), […]