Recap The resistance zone we analyzed last week has finally been hit as the bulls pushed the price up 22% since its recent local low made in June. Crude has largely been stuck in a range between $67.26 and $80.74 for the entire year as we eagerly await the potential break out. The question is Read More…
On Wednesday, oil prices dropped by approximately 1% due to two factors. Firstly, data revealed that US crude inventories fell less than anticipated. Secondly, the Federal Reserve raised interest rates by 0.25 percentage points. Earlier in the session, oil experienced a decrease of more than $1, despite reaching three-month highs on Tuesday. WTI futures (Source: Read More…
Weekly chart Volume profile: The point of control for the volume profile, if we measure from the first trading day of the year up until now, is $72. This is the price at which the entire year had the most trading volume. It is likely to act as a magnet for price as it has Read More…
On Wednesday, oil prices rose, and benchmark Brent futures surpassed $80 per barrel, reaching a level not seen since May. This increase was due to US inflation data, which raised hopes that the Federal Reserve might reduce the number of interest rate hikes planned for the world’s largest economy. Oil gains after US inflation (Source: Read More…
Technical analysis Parabolic curve: There is continued support at the parabolic curve on the CL daily chart. We are now moving into a phase where the curve is moving upward. We will need to wait and see if price is going to follow this pattern. Support zone: There is a support zone at $68 which was formed Read More…
On Wednesday, US crude oil surged approximately 3%, narrowing the price difference with the global benchmark Brent. This was a response to the supply cuts announced by Saudi Arabia and Russia on Monday. Saudi Arabia, the largest crude exporter globally, declared an extension of its voluntary output reduction of 1 million barrels per day (bpd) Read More…
