Crude oil update

ifyforex

Junior member
24 0
Crude oil prices eased in early Asia on Mondy though remain supported on potential geopolitical flare-ups in key oil producing regions.
NYMEX crude oil prices dip in Asia though tension over Russia supportsNYMEX crude prices down in Asia
On the New York Mercantile Exchange, U.S. crude oil for delivery in September traded at $101.81 a barrel, down 0.14%, after ending last week at $101.95 a barrel.
Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers decreased their bullish bets in New York-traded oil futures in the week ending July 15.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for September delivery shed 0.6%, or 65 cents, to settle the week at $107.24 a barrel.
The September Brent contract advanced 0.54%, or 58 cents, on the week.
Oil spiked on Thursday following the shooting down of a Malaysia Airlines jet in eastern Ukraine, with the U.S. blaming pro-Russian separatists for the act.
Moscow has denied involvement in the crash, which came a day after the U.S. announced a fresh round of sanctions against Russia for supporting separatists in east Ukraine.
Markets were also unsettled as Israel expanded its ground offensive in Gaza against Hamas militants who fired hundreds of rockets into Israel.
Oil prices have been under heavy selling pressure in recent weeks as investors pared back positions that had priced in the possibility of major supply disruptions stemming from violence in Libya and Iraq.
eyes on the Crude oil today .
 
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Alexkit

Newbie
6 1
WTI Crude Oil confirmed a strong closing on Friday, above the top of the previous session: to confirm higher levels we need however another strong closing, possibly above 47,72!! The weekly closing was instead negative while remaining interior the previous weeks’ range!
The indicators of the daily chart are however still well positive for now as well as those of the weekly one supporting further strength. The indicators of the s/t charts are instead showing a mixed picture this morning suggesting some consolidation/ correction. While above 46,64 on an hourly closing still favour an extension of the correction toward the 200 hours line, now found at 48,41!!
I wait for higher levels to sell.
 

Alexkit

Newbie
6 1
WTI Crude Oil confirmed a further weak closing also last night breaking below 44,30; this drop confirmed a double top formation above 50 supporting a new test below 40!! The weekly closing on Friday was also weak!
The indicators of the daily chart are still well negative but those of the weekly one remain above the line for now. The indicators of the s/t charts are also negative with further bullish divergences confirming the negative tone.
I expect further weakness and suggest waiting for a decent rebound to sell!
 

Alexkit

Newbie
6 1
WTI Crude Oil confirmed a positive closing on Friday remaining therefore above the 55 days line, still good support at 45,91. While above this line on a daily closing favour further strength. The weekly closing was also positive forming even a positive week reversal!!
The indicators of the daily chart are still in positive territory as well as those of the weekly one supporting further strength. The indicators of the s/t charts are instead showing a mixed picture suggesting some consolidation/ correction. Bearish divergences started confirm a positive tone suggesting further upside potential.
I wait therefore for a possible return toward the 200 hours line at 45,07 to buy this contract for a move toward 49!!
 

FxJunkies

Newbie
5 0
brent3.3.PNG

Oil Bulls getting nervous?
A busy week in oil saw some decent falls in price. Much of the recent rise in price has been down to the anticipation that the upcoming oil producers meeting in a couple of weeks in Doha, will see a freeze in production, but there's certainly been news this week suggesting this won't be the case. Saudi Arabia have said that if any country raises output (namely Iran), then it will not freeze production, thereby reducing the chances of an agreement. These comments sparked an immediate sell off. Meanwhile U.S. inventories rose again, Iran increased production, as did OPEC overall, and Russian figures for March show production at it's highest level since the end of the Soviet Union in 1991. Looking at the Brent weekly chart, the hidden bearish divergence, above, is still in play. Let's see if the sell off continues this week.
 

fxstrategist

Established member
603 16
Oil WTI

WTI Oil retraces to the 37.00 level and a breakdown and pullback pattern may be developing.
 

fxstrategist

Established member
603 16
Oil WTI

WTI oil came close to the 50 level, but it could not reach it, right now oil is correction but the bullish trend is still in place.
 
 
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