Oil prices dropped by approximately 1% to reach a three-week low. This decrease came from a stronger US dollar and the US Federal Reserve maintaining interest rates while leaving the door open for potential rate hikes due to the robust US economy. Interest rate increases can hinder economic growth and reduce oil demand. Meanwhile, a Read More…
Gold Prices Eyeing All-Time Highs After Recent Rally Gold futures have seen a strong rally over the past few weeks, bouncing off a critical support level and now approaching all-time highs. GC is currently trading around $2010 after hitting a low of $1832 just three weeks ago. This bounce of over 8% off the lows Read More…
On Wednesday, oil prices increased by approximately 2% due to concerns about conflict in the Middle East. However, higher US crude inventories and gloomy economic prospects in Europe capped the gains. Price Futures analyst Phil Flynn mentioned that prices initially dropped during the session but rebounded due to increased geopolitical risks. WTI Futures (Source: Nymex) Read More…
Last week’s crude oil technical analysis indicated that the price was on the verge of breaking its upward trendline. The 38% Fib line from last July’s high was a key reference point. Bears targeted the point of control line at $80, while bulls aimed to maintain control above $82 and eyed a move to $95.03 Read More…
Oil prices surged by approximately 2% to reach a two-week high on Wednesday. This increase was driven by a larger-than-expected drawdown in US oil storage and concerns about global oil supplies. During the week ending on October 13, US Energy Information Administration (EIA) reported that energy companies removed 4.5 million barrels of crude oil from Read More…
Introduction Crude Oil consolidated last week after a huge drop the week prior, where one barrel dropped almost $15 in that period. Let’s take a look at the technicals and price levels for both bears and bulls. Technical Analysis The upward-sloping trend line mentioned in the previous CL technical article is still intact but barely. Read More…
