OPEC has not taken a real approach to enforce compliance with selective production cuts, and the production cuts are expected to continue until the first quarter of 2024.Since OPEC's meager production cuts of one million barrels per day are unlikely to offset the impact of the decline in global crude oil demand, it is expected that there may be an oversupply of...
Severe storms in the Black Sea region interrupted Kazakhstan and Russia's oil exports of up to 2 million barrels per day.The Ministry of Energy of Kazakhstan said that the average daily oil production of Kazakhstan's largest oilfield will be reduced by 56%.This has led to the possibility of short-term supply constraints and pushed up crude oil prices.Secondly, a...
Yesterday I said that oil has broken through the downward trend, and now it is blocked from falling in the middle of the trend line.
If it continues to fall, we need to observe the support strength of 76-76.3
So you can buy gradually in this range, because the OPEC meeting is still uncertain, if it falls below the range, you need to strictly set the stop...
The OPEC meeting originally scheduled for November 26th will be postponed to November 30th, and OPEC will change to an online meeting on November 30th, which will affect the trend of oil.
Oil has always been weak, volatile and falling
Observe the support strength of the support range 73.7-74.1 of the last rebound
If it falls below this support range, oil may...
Last week, the momentum of crude oil has weakened, and next week will focus on the Opec meeting, which is mainly short before the meeting!
This week's profit is less, I will layout after waiting for the big trend!
On the news side, OPEC+ officially announced that the meeting to be held on November 30th will be changed to an online meeting.Regarding the rumors of discord within OPEC, the representative of Nigeria said that he did not know that there were differences within OPEC+, and he was satisfied with the survey results on Nigeria's production plan. Angola stated that...
I reminded yesterday that oil fell rapidly because of the postponement of the OPEC+ meeting, but the final time was set to be held again on November 30, so oil prices began to rebound yesterday.
As can be seen from the chart, the trend of oil after the rebound is relatively weak, and today it did not break through the point where it started to fall at 77...
OPEC+ will hold a meeting this weekend, and WTI oil traders will face significant risks.If more and longer production cuts are announced at the OPEC+ meeting, oil prices may pick up
As can be seen from the chart, oil has been in an upward trend, but it has not broken through the middle edge of the trend line.
So we are still waiting to fall to the support...
Oil prices rebounded sharply on Friday, largely erasing a nearly 4% loss from the previous session as investors wavered over whether Opec would deepen its decision to cut production. Today's strong breakthrough of the first pressure level, the follow-up focus on the breakthrough of the second pressure level!
Currently there are orders do not know how to operate...
Oil was blocked from the middle edge of the trend line yesterday and began to fall
As long as oil breaks through 78.4, there is still a lot of room for growth above, so the resistance of 78.4 is still observed today.
Oil is still on the upward trend for the time being, so you can still choose to buy at the support point
You need to strictly set the stop loss...
The wars are no longer strong and the main thing is that oil prices will decrease again after a period of adjustment
Regarding technical analysis, when measuring fibo oil will retest the 0.5 zone and will fall deeply
This is my forecast in the morning. Now that the oil has risen to the middle edge of the trend line, observe the resistance of 78.4.
Judging from the news, the OPEC+ meeting is discussing further production cuts, which may intensify tensions with the United States. At the same time, the market is focusing on whether Saudi Arabia and Russia will extend voluntary...
EIA released nearly two weeks of inventory data, a cumulative increase of 17.5 million barrels, more than expected accumulation led to a rapid decline in the disk, of which crude oil inventories reached 439 million barrels in the week of November 3, a higher since August. In addition, the market expects Saudi Arabia to extend production cuts until January next...
Us EIA crude oil inventories for the week to November 10 were released yesterday afternoon, showing a rise of 3.6 million barrels to 421.9 million barrels, expectations for a rise of 1.793 million barrels, the previous value of 13.869 million barrels, negative for oil prices. With global demand for crude oil slowing and supply increasing, some analysts believe...
Crude oil's downtrend continues, testing support at $72. Anticipate another decline after reaching around $74. If you have long positions in crude oil, consider closing near $74 and following the trend by shorting. Personally, I expect crude oil to reach $70 in the near term before resuming an upward trend.
I provide daily analysis and strategies for gold and...
Yesterday, oil fell rapidly, broke below the five-day line, and returned to the downward trend again. From the chart, it can be seen that 75-76 has certain support.
We need to observe the support strength of the previous low of 75. If it falls below the previous low, the room for decline will be opened.
So we can short and sell along the resistance point
now...
Hi Traders!
The bearish price action continues on the USOIL 1D chart, and there may be possible opportunities for short entries.
Price Action 📊
The market has had lower highs and lower lows since breaking below the 3-month low and 20 EMA, creating a descending triangle pattern on the chart.
We are looking for further bearish momentum to break and close the...
Oil prices rose and fell, and the U.S. CPI data released in the evening showed that the annual rate of CPI reached 3.2%, the lowest since July this year, boosting market risk appetite. After the data was released, the dollar fell sharply, risk assets rebounded, and oil prices quickly pulled up from the intra-day low, but the final oil price did not hold the...
