Category: Crude
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Crude Oil Technical Analysis – Consolidation ahead of the US NFP report
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Basic Overview Last week was a tough one for crude oil as the price fell more than 6% on renewed growth concerns amid weak US data. OPEC+’s delay in increasing production from October did not spark a rally but helped slow the downward momentum. Much now depends on today’s US…
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Brent crude lowest since June; Citi sees $60/bbl in 2025 without deeper OPEC cuts
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SlavkoSereda/iStock via Getty Images Crude oil futures extended sharp losses from the previous session, with benchmark U.S. crude falling below $70 a barrel for the first time this year, giving up early gains after delegates’ comments that OPEC+ was thinking about delay In plans to start easing production cuts. Instead,…
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Crude oil turns higher on supply concerns from Libya, Iraq (NYSEARCA:USO)
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SlavkoSereda/iStock via Getty Images Crude oil futures rose on Thursday, rebounding from two days of declines, as supply disruptions in Libya and plans to cut production in Iraq raised concerns about tightening global supplies. More than half of Libya’s oil production is out of service, Exports have been halted at…
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Chart Art: WTI Crude Oil (USOIL) Aiming for Triangle Support Again?
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The top of the descending triangle has been acting as resistance for crude oil this week, putting the commodity back on track to test the bottom. Will the support continue again? Take a look at the nearby turning points I am watching on the 4-hour chart: Crude Oil WTI (USOIL)…
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Chart Art: WTI Crude Oil (USOIL) Aiming for Triangle Support Again?
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The top of the descending triangle has been acting as resistance for crude oil this week, putting the commodity back on track to test the bottom. Will the support continue again? Take a look at the nearby turning points I am watching on the 4-hour chart: Crude Oil WTI (USOIL)…
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Chart Art: WTI Crude Oil (USOIL) To Revisit Its Triangle Resistance?
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US crude oil prices continue to recover after revisiting August lows last week. How far can WTI crude oil go before sellers can gather enough downside momentum? We take a closer look at the potential resistance area: Crude Oil WTI (USOIL) 4 hours Chart by TradingView In case you missed…
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Crude oil futures settle at lowest since January; gasoline hits new 52-week low
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SlavkoSereda/iStock via Getty Images Crude oil futures fell for a fourth straight session on Wednesday, as a downward revision to U.S. jobs data outweighed a rally driven by a larger-than-expected drawdown in U.S. crude inventories. The United States added 818,000 fewer jobs than previously reported. From April 2023 to March…
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Chart Art: Resistance-turned-support For Brent Crude Oil (UKOIL)?
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Brent crude oil prices may use the broken resistance line as a support zone. Will oil prices bounce off the potential technical support area in the next few days? We are looking at the UKOIL 4-hour chart today! Brent Crude Oil (UKOIL) 4 hours Chart by TradingView If you missed…
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Crude oil little changed after volatile week with China demand fears lingering
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SlavkoSereda/iStock via Getty Images Crude oil futures ended the week little changed as lingering concerns over the outlook for demand in China and easing geopolitical risks offset economic data showing slowing inflation and strong retail sales pointing to resilient consumer spending. “It was Oil markets had a volatile week, said…
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Chart Art: WTI Crude Oil (USOIL) Aiming for Triangle Resistance
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Crude oil has been on a sharp rise these days, but can it continue its upward trend past this major resistance area? If so, how high can it go? Check out this long term chart pattern on my radar! Crude Oil WTI (USOIL) Daily Chart by TradingView Crude oil has…
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Crude Oil Technical Analysis – Weak US data weighs on the market
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Basic Overview Crude oil prices fell sharply in the latter half of last week as some very weak US data came out, first the ISM manufacturing PMI and then the non-farm payrolls report. The market eventually rebounded on Monday and extended its gains yesterday, with the appointment of a new…
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USD/CAD pushes higher as brent crude extends decline to $3
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Commodity currencies are in an interesting position at the moment. The US dollar is falling on several fronts as the market reconsiders the path of the Federal Reserve’s money. But they are reconsidering that because of slowing growth and inflation. Prices are also relatively high in the commodity bloc, currently…
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Chart Art: WTI Crude Oil (USOIL) Closing in on Area of Interest
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Crude oil has been on a sharp rise these days, but can it sustain its gains beyond this longer-term area of interest? Take a look at these turning points I am watching on the 4-hour time frame. Crude Oil WTI (USOIL) Chart by TradingView Geopolitical tensions are back in the…
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U.S. crude surges to biggest gain since October after strike kills Hamas leader in Iran
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SlavkoSereda/iStock via Getty Images U.S. crude oil futures jumped more than 4 percent on Wednesday after the assassination of Hamas political leader Ismail Haniyeh in Tehran just hours after an Israeli strike on a top Hezbollah military leader in Beirut raised fears of a possible direct conflict between Israel and…
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Oil: Private survey of inventory shows headline crude oil draw larger than expected
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Figures via oilprice.com on Twitter: – The predictions I saw focused on: Main crude oil -1.6 million barrels Distillates +0.2 million barrels Gasoline -0.4 million — This data point is taken from a special survey conducted by the American Petroleum Institute (API). It is a survey of oil storage facilities…
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Oil: Private survey of inventory shows headline crude oil draw larger than expected
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Figures via oilprice.com on Twitter: – The predictions I saw focused on: Main crude oil -1.6 million barrels Distillates +0.2 million barrels Gasoline -0.4 million — This data point is taken from a special survey conducted by the American Petroleum Institute (API). It is a survey of oil storage facilities…
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Chart Art: WTI Crude Oil (USOIL) Triangle Breakout Retest Levels
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Did you miss the opportunity to breakout the triangle pattern on WTI crude oil? It is best to watch these Fibonacci retracement levels in case the price retests! Crude Oil WTI (USOIL) 4 hours Chart by TradingView It looks like crude oil has chosen a downward path on the triangle…
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Chart Art: Triangle Pattern Forming on WTI Crude Oil (USOIL)
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Are oil prices about to rise soon? This is a short-term consolidation pattern that I am watching on the hourly chart of WTI Crude Oil. Crude Oil WTI (USOIL) 4 hours Chart by TradingView Negative price pressures have been weighing on this energy commodity, as weaker growth expectations in the…