Oil Technical Analysis 19-01-18

As we advised last week and as we examined in our previous charts: Crude oil managed to break above the resistance level 62.60, where the market may have a chance to sustain its gains as the next resistance lies at the 66.00-60 zone. From that zone, should the market keep trading below the 66.60 point, there is a chance for a drop correcti...

2018-01-19 Orbex Read more
OPEC_Crude Oil_2010

Saudi's Minister of Energy and Industry, Khalid Al-Falih. Image via World Economic Forum Crude oil futures contracts rallied to a fresh yearly high yesterday closing at $51.42 a barrel. The gains came for a second consecutive day after the API's inventory report showed a surprise draw of 3.8 million. Analysts had expected to see a build of 2.1 ...

2016-10-20 John Benjamin Read more
OPEC

Abdalla Salem El Badri -Secretary-General, Organization of the Petroleum Exporting Countries (OPEC). Image Via World Economic Forum Summary: Oil prices bounced off the support at 43 - 43.50 from last week EIA inventory report now shows three consecutive weeks of drawdown OPEC and Russia prepare for Algiers summit next week V...

2016-09-23 John Benjamin Read more
Crude Oil

Crude oil prices continued to extend the declines since last week as crude oil futures gave up the gains following the massive drawdown in oil inventories a week ago. Oil futures contract for October delivery closed at $43.62 a barrel yesterday as the markets failed to react to the latest inventory data from the EIA. Oil traders were bearish en...

2016-09-15 John Benjamin Read more
abu dhabi oil boat

Crude Oil prices are heading to a very bearish week with prices currently down by over 7.50% on a week to date basis. After closing last week at $49.18 a barrel, WTI Crude oil futures opened this week slight lower at $49.12 and after a brief rally to fill the weekend gap, prices extended their declines for the most part of the week, save for a m...

2016-07-08 John Benjamin Read more
Oil_Inventory_3006

WTI Crude oil prices gained strongly yesterday, ending 4.20% higher for the day at $49.88. The gains in the Crude oil markets came after a larger than expected drawdown in the inventory report. Data from the US Energy Information Administration said crude oil stockpiles fell 4.1 million barrels for the week ending June 24, posting a sixth consec...

2016-06-30 John Benjamin Read more
Crude Oil

WTI Crude oil prices have been trending lower over the past few weeks, but it is very likely that oil prices will soon resume a new leg to the bullish rally in the near term. Yesterday, Crude oil futures for August delivery fell 1.44% after prices attempted to reclaim the $50 a barrel handle. Further upside is expected on a break above the $50 p...

2016-06-23 John Benjamin Read more
Oil_ Gas station

As Crude Oil prices continue to chug along higher, the hitherto bearish narrative surrounding OPEC producers is clearly turning into a broken record. Oil prices are steady for nearly 3 months, make that four if you count the doji close in February, after prices fell to 12-year lows of $26.05. While the first half of the year saw a continued dec...

2016-06-09 John Benjamin Read more