Weekly Oil Prices Forecast and Technical Analysis Nov 05, 2023
Crude oil prices set for a second weekly decline as the war premium stemming from the conflict in the Middle East continued to lose its hold over traders. Looking at the daily chart, the break below the ichimoku cloud is significant and it raises the odds of a bigger drop to $80-$82 level (the red […]
U.S. Crude Oil Production Breaks Records
U.S. crude oil production hit an all-time high in August, according to new data published by the Energy Information Administration on Tuesday, with production surpassing pre-covid levels. U.S. field production of crude oil reached 404.6 million barrels during the month of August, new EIA data shows, for an average of 13.05 million barrels per day–squarely […]
Weekly Oil Prices Forecast and Technical Analysis Oct 29, 2023
Despite continued fears that the Hamas-Israel conflict could involve more actors in the Middle East, oil prices rose by 2% early on Friday. Looking at the daily chart, as the price reached the broken trendline at $94, it dropped during the last week and couldn’t see upper prices. The Brent crude oil is ranging between […]
Oil Prices Under Pressure as Economic Concerns and Hopes of Containment in The Middle East
After falling around 6% over the past three trading days, oil prices were once again under pressure on Wednesday morning as economic concerns and hopes of containment in the Middle East balanced out the latest weekly oil inventory report from the American Petroleum Institute. The API estimated a decline in inventories while analysts had expected […]
Weekly Oil Prices Forecast and Technical Analysis Oct 22, 2023
Last week crude oil prices rose as tensions in the Middle East remain high, and the Brent crude oil price reached around $92. On the daily chart, we can see that the Brent crude oil has been ranging between the $84 support and the broken trendline. The situation in the Middle East remains a big […]
Oil Prices Rise as U.S. Warship Intercepts Three Missiles Fired from Yemen
A U.S. Navy warship stationed in the Red Sea has intercepted three missiles fired from Yemen, media has reported, suggesting it was possible the missiles were fired in the direction of Israel. This is the latest in a string of indications that the conflict in the Middle East may be escalating, after reports that Israel […]
Weekly Oil Prices Forecast and Technical Analysis Oct 15, 2023
According to the forecast last week, the Brent crude oil price returned from the support area (82-84) as you see on the daily chart below, and reached around $91 with more than %5 rise on Friday. Oil prices rose more than 5% on Friday following the U.S.’s enhancement of sanctions against Russian crude exports, and […]
Oil Prices Drop After Monday’s Rise
Oil prices rose on Monday after the Hamas attack on Israel over the weekend that spooked the markets and gave rise to speculation that the United States could act to clamp down on Iranian oil exports, which have continued to flow to a significant degree despite U.S. sanctions. Crude oil prices have begun to drop […]
Weekly Oil Prices Forecast and Technical Analysis Oct 07, 2023
As predicted last week, when the Brent crude oil price reached 50% Fibonacci retracement level coinciding with negative RSI divergence, it saw correction and reached around $85. On the daily chart, we have a support area (82-84), which coincides with Ichimoku cloud. This support area can prevent further price correction and cause oil price rise. […]