Price Trends In 2024, the average price of Brent crude oil was around $82 per barrel, which is similar to the average in 2023. West Texas Intermediate (WTI) has also seen a comparable average, with current prices around $79 per barrel. Notably, prices have experienced short-term peaks and declines, with Brent crude hitting a high Read More…
Oil price rose nearly 1% on Wednesday, climbing from a two-month low in the previous session due to a big draw in crude inventories and softer inflation in the US. Consequently, there was optimism about demand and looming Fed rate cuts. Data on Wednesday revealed a more significant decline in crude inventories than expected. The Read More…
Introduction CL ended last week with a spinning top formation on the weekly chart after a fairly small range of trading. Volume was also slightly below the weekly average telling us that there was indecision in the market and a potential move coming up that we can capitalize on. The week prior we saw CL Read More…
Oil prices increased slightly on Thursday as US inventory data surprised to the upside, indicating better-than-expected demand. At the same time, investors lowered their expectations for an increase in production at OPEC’s June meeting. WTI, Crude inventories (Source: Bloomberg, EIA) Notably, data on Wednesday revealed that US crude inventories fell by 1.4 million barrels last Read More…
MSCI Index Rises and Hong Kong’s Hang Seng Extends Winning Streak The MSCI’s broadest index of Asia-Pacific shares outside Japan saw a slight increase in early trade, while Hong Kong’s Hang Seng index, despite a slight dip, has witnessed an impressive 14% rise over a 10-day winning streak, the longest since 2018. Japan’s Nikkei index Read More…
Overview In this analysis, we’ll take a closer look at the CL futures chart, which displays daily price action along with several technical indicators, including a Simple Moving Average (SMA), Pivot Points (traditional, automatic setting), and the Relative Strength Index (RSI). CL Technical Analysis Trend and Price Action Prices were in an uptrend from February Read More…
