Oil prices have now broken out to levels not seen since summer 2014 and market participants are now questioning whether the move has further to go or if a correction lower is in store. So what are the forces that are driving crude oil price action? Crude Oil Inventories Falling One of the key factors driving crude oil price has been ...
After last week’s failure to break higher in Brent and WTI, which showed a clear bearish signal on the weekly chart, both crudes declined sharply at the beginning of this week. Brent declined all the way to $50 while WTI Crude managed to touch 47 during yesterday’s trading. However, both Brent and Crude recovered some of their last week’s decli...
For the past four weeks including this week’s trading so far, Crude Oil has been trading within a range of $5, whether in Brent or WTI with no clear direction. Brent Crude was in the range between $45 and $50, while West Texas Crude managed to trade between $47 and $42, despite the fact that there were many catalysts affecting Oil demand and in...
After few weeks of gains due to the shortage in the US Crude Oil inventories, in addition to some OPEC meeting remarks, Crude Oil failed to stabilize and is nearing this year’s lows once again. Since the beginning of the year, the price has been under pressure as there were not enough fundamentals to support the prices higher. Moreover, the ma...
Abdalla Salem El-Badri, Secretary General of OPEC. Since the beginning of the year, Crude Oil prices has been trading within a sideways trend. WTI is trading between $51 and $54, while Brent is stuck between $54 and $57, New with no clear direction. This is also despite the fact of the successful OPEC deal in addition to the excessive inventor...
Crude oil futures contracts for October delivery closed at $44.85 a barrel yesterday, losing over 3.30% on the day as the US Energy and Information Administration (EIA) data showed a second consecutive week of build-up in US crude oil inventories. After inventories increased by 2.5 million barrels two weeks ago, the week ending August 26 saw a...
WTI Crude Oil prices could target $26 - $25.5. OPEC report paints a grim picture. The rally in Oil prices last week were short lived as WTI Crude Oil broke the crucial 30 - 29.5 support level, which marked the head and shoulders pattern off the 4-hour chart time frame. Fundamentally, Oil prices remain bearish despite continuing rumors of cuttin...
In the US, Fed has decided with 100% of votes that the interest rate should be kept at the same level as in the past months. Although the decision was widely debated in the statement, there are no hints about a future lift-off. The target range of the federal funds has also remained unchanged at 0-0.25%, the manifest offering stable labor market...
Euro zone members have given Greece until the end of the week to come up with a proposal as European Council President Donald Tusk said "tonight I have to say loud and clear that the final deadline ends this week". European leaders aren’t totally confident that this time they will agree a form of rescue package which would safe Greece, but for s...
The American macroeconomic data are giving investors more reasons to sell the us dollar. On Wednesday, after the Empire State Manufacturing Index decreased to -1.2 points, the Capacity Utilization Rate was reported down to 78.4%, and the Industrial Production also declined, being reported at -0.6%, yesterday another set of data disappointed the ...
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