Oil prices settled higher in see-saw trade on Friday, as political tensions in the Kurdistan region continued to disrupt crude supplies.
Oil exports from Iraq’s Kurdistan towards the Turkish port of Ceyhan were flowing at average rates of 216,000 barrels per day versus the usual flows of 600,000 bpd, a shipping source said.
The supply disruption in Iraq comes amid ongoing political uncertainty in the region following conflict between Iraqi and Kurdish forces. Iraqi troops marched toward Northern Iraq earlier in week and regained control of two major oilfields from Kurdish forces.
The global benchmark ended the week with an increase of approximately 1%, supported by growing indications that the market was starting to rebalance.
In a speech Thursday, Mohammad Barkindo, secretary-general at the Organization of the Petroleum Exporting Countries, said that the oil market is balancing at an “accelerated pace,” and demand will continue to rapidly grow in coming decades.
But; we need to keep in our minds that OPEC needs to extend its agreement to reduce oil output beyond its current March 2018 expiry date in order to rebalance the market.
Technically:
We have LONG positions and Friday we entered a LONG trade by using the pullbacks.
Our Crude boy insists on playing in its playground. The supply zone of 51.00-52.20. As I mentioned in my previous articles several times a) pullbacks towards 49.60 are buying opportunities b) Crude needs to make H4 closings above 52.20 to continue its upward movement. Breakout of this supply zone will carry the price 53.60.
What are the pullback levels to add LONG positions? a) 51.56 which is EMA 50; MMath Pivot Reverse 2/8 and Kumo Support of H4 Chart. b) 51.00-50.80 Fibo 61.80% and EMA 100 of H4 Chart.
Oil exports from Iraq’s Kurdistan towards the Turkish port of Ceyhan were flowing at average rates of 216,000 barrels per day versus the usual flows of 600,000 bpd, a shipping source said.
The supply disruption in Iraq comes amid ongoing political uncertainty in the region following conflict between Iraqi and Kurdish forces. Iraqi troops marched toward Northern Iraq earlier in week and regained control of two major oilfields from Kurdish forces.
The global benchmark ended the week with an increase of approximately 1%, supported by growing indications that the market was starting to rebalance.
In a speech Thursday, Mohammad Barkindo, secretary-general at the Organization of the Petroleum Exporting Countries, said that the oil market is balancing at an “accelerated pace,” and demand will continue to rapidly grow in coming decades.
But; we need to keep in our minds that OPEC needs to extend its agreement to reduce oil output beyond its current March 2018 expiry date in order to rebalance the market.
Technically:
We have LONG positions and Friday we entered a LONG trade by using the pullbacks.
Our Crude boy insists on playing in its playground. The supply zone of 51.00-52.20. As I mentioned in my previous articles several times a) pullbacks towards 49.60 are buying opportunities b) Crude needs to make H4 closings above 52.20 to continue its upward movement. Breakout of this supply zone will carry the price 53.60.
What are the pullback levels to add LONG positions? a) 51.56 which is EMA 50; MMath Pivot Reverse 2/8 and Kumo Support of H4 Chart. b) 51.00-50.80 Fibo 61.80% and EMA 100 of H4 Chart.
