U.S. Crude Oil Inventories Cause lower Oil Prices
According to The American Petroleum Institute (API), crude oil inventories in the United States have increased by 594,000 barrels for the week ending on December 1. This comes after a drawdown of 817,000 barrels in the previous week. Analysts had predicted a drawdown of 2.267 million barrels, but the inventories moved in the opposite direction. […]
Weekly Oil Prices Forecast and Technical Analysis for Dec 03, 2023
According to the analysis of the previous week, the Brent Crude oil price remained above the level of $77. As you see in the oil chart, the current oil price is at the lower end of the channel, ranging around $79, and the RSI has reached the oversold range. Our prediction is that the price […]
OPEC+ likely to extend agreement, meeting may be delayed
The upcoming meeting to discuss the plan for 2024 oil production among the group was previously pushed back to this Thursday due to disagreements over production levels among the group’s African producers. It now seems that there might be another delay, but the group is making progress towards a resolution on the required production levels […]
Weekly Oil Prices Forecast and Technical Analysis for Nov 26, 2023
Last week, we analyzed the price of Brent Crude oil and found that it is currently moving in an upward channel. Over the past two weeks, the price has been fluctuating at the bottom of the channel. It’s important to note that the $77 is considered a strong support level for oil, and we expect […]
Oil Prices Drop as Report OPEC+ Meeting Will Be Delayed
Oil prices dipped by 1.7% early on Wednesday as a report emerged that this weekend’s meeting of the OPEC+ group will be delayed, and the market expected the OPEC+ meeting and the weekly U.S. inventory report from the EIA later today. The November 26 meeting of the ministers of the OPEC+ alliance will be postponed […]
Weekly Oil Prices Forecast and Technical Analysis Nov 19, 2023
Oil prices dropped this week to their lowest level since July as market participants focused on concerns about the world’s two biggest economies: the United States and China. Looking at the daily chart below, the Brent Crude oil price is moving in an upward channel (blue channel at the chart), and price has dropped to […]
IEA Raises Oil Demand Outlook for 2023 and 2024
Global oil consumption continued to be strong in September, with a record-high Chinese demand of 17.1 million barrels per day (bpd), the IEA said in its Oil Market Report. Despite concerns about the economy, global oil demand continues to exceed expectations, according to the International Energy Agency (IEA) which raised its demand growth forecasts for […]
Weekly Oil Prices Forecast and Technical Analysis Nov 12, 2023
According to last week’s forecast, the Brent crude oil price dropped to $80 and reversed from the red area marked in the chart, and stopped around $82 on Friday. Looking at the daily chart, positive RSI divergence indicates a reverse in price and starting an upward trend, so for the next week, the Brent crude […]
Oil Prices Drop as U.S. Crude Oil Inventories See Major Build
Crude oil inventories in the United States rose by a staggering 11.9 million barrels for week ending November 3, according to The American Petroleum Institute (API), after a 1.347-million-barrel rise in crude inventories in the week prior, API data showed. API data now shows a net build in crude oil inventories in the United States […]