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Oiltrading

Long term bullish Oil prices have risen in recent days on the back of a bullish outlook from OPEC+'s monthly report and the International Energy Agency (IEA) released a monthly report on Tuesday that raised its crude oil demand growth forecast for this year and next. Oil prices have been range-bound due to signs that tensions in the Middle East may be easing and uncertainty about U.S. oil inventories. The U.S. dollar index fell sharply to a more than two-month low after U.S. CPI data was weaker than market expectations, and the International Energy Agency ( The International Energy Agency (IEA) raised its forecast for crude oil demand, and oil prices once hit a one-week high. The trend of crude oil fluctuated upward and continued to be blocked near 80, forming a repetitive rhythm of alternating main and main markets. The current support level of 77.3 and resistance level of 80 are very strong. Crude oil will more likely fluctuate within this range. Watch today's EIA data. Long term bullish
VANTAGE:CL-OILLong
by Anthony-Ryan
Oil price tests supportHello everyone,The oil price is facing negative pressure to test the 77.86 level, and the price needs to remain above this level for the bullish trend scenario to remain effective, waiting for a breach of the 79.63level to facilitate the task of rushing towards our next positive target at 81.23 . On the other hand, we note that breaking 77.86 will stop the positive scenario and push the price to turn lower, heading towards visiting the 75.49 areas in the near term. Pivot Price: 77.86 Resistance Prices: 79.63 & 81.23 & 83.41 support price: 75.49 & 73.80 & 72.12 The general trend expected for today: bullish
TVC:USOILLong
by Evar_Mayi
9
Crude oil range trading Oil prices rebounded by 2% last Friday, and market sentiment has improved. However, what impressed investors more deeply in the past week was the sharp decline in oil prices in the first half of the week. The rapid decline in oil prices broke through the lower edge support of the high range created by OPEC+ production cuts and the Palestinian-Israeli conflict, thus fully venting pessimism. The next key test for oil prices will be whether OPEC+, especially Saudi Arabia, will decide to extend the existing voluntary production cuts to the first quarter of next year or even longer at the OPEC meeting in December. At present, crude oil tends to trade in a range. The upper resistance is 77.5, and the lower support is 75. Overall bullish
VANTAGE:CL-OILLong
by Anthony-Ryan
Oil Rebounds Despite Weak Demand, OPEC's Optimism DimsOil prices are rebounding following a recent dip, sparked by the International Energy Agency's (IEA) announcement earlier this week, contrasting events from Monday. Monday's decline was largely influenced by the OPEC+ monthly report, hinting at potential price increases. However, sustained crude oil recovery requires further momentum, with a significant catalyst expected by the end of November when OPEC+ convenes to forecast the first half of 2024, potentially indicating further supply cuts. Meanwhile, the U.S. Dollar (USD) is weakening as recent U.S. Consumer Price Index (CPI) reports show declines across all segments, both Core and Headline. This convinces traders that the Fed has likely completed interest rate hikes and may even prioritize faster rate cuts. The higher crude oil prices in response to this reversal, combined with a weaker U.S. Dollar, are driving up black gold prices. At the time of writing, WTI crude oil is trading at $78.33 per barrel, and Brent crude is at $82.87 per barrel.
TVC:USOIL
by Larissa-Trader
1
Oil WTI completes a positive patternOil price is hovering around the neckline of the double bottom pattern that appears in the chart, waiting for the resumption of the expected bullish wave for today, which depends on stability above 77.86, remembering that our targets start at 79.63 and extend to 81.23, taking into account that breaking 77.86 will put the price below Corrective downward pressure again. Pivot Price: 77.86 Resistance prices: 79.63 & 81.23 & 83.41 Support prices: 75.59 & 73.80 & 72.12 The general trend expected for today: bullish
TVC:USOILLong
by Evar_Mayi
4
OPEC Adds 2.5 Million Oil Barrels Per Day OPEC has recently made a significant announcement that they will be adding a staggering 2.5 million oil barrels per day to the global supply. This news couldn't be more opportune for those seeking to capitalize on potential gains. Now, more than ever, we have the chance to position ourselves and make a lasting impact on our trading portfolios. With OPEC's optimistic move, I strongly urge you to consider the idea of going long on oil. By embracing this initiative, we set ourselves up for success and open doors to a plethora of exciting trading prospects. Why should you consider long oil, you ask? Well, the answer lies in OPEC's strategic decision. Their decision to increase output reflects an underlying confidence in the steady surge of global oil demand. As economies rebound and international travel resumes, the upward trajectory of oil prices is not far behind. It's time to hop on board this thrilling wave and ride it towards potential profits! I encourage you to conduct thorough research into the current market trends and gather all the necessary information for making informed long oil trading decisions. Remember, knowledge is power, and armed with the right insights, we can navigate the markets with confidence and conviction. Now is the time for action! Discover the incredible potential OPEC's decision holds and let's embark on this journey together. Get ready to embrace the remarkable trading opportunities that lay ahead as we navigate the exciting realm of long oil.
TVC:USOILLong
by bryandowningqln
OIL price resumes declinehello everyone,The price of oil begins today’s trading with strong negativity, reinforcing expectations of a continuation of the downward trend, and the way is open to achieving our negative targets that start at 75.49 and extend to 73.80. The Stochastic indicator is providing clear negative signals now, to support the proposed bearish trend scenario, which is organized within the bearish channel that appears on the chart, with a reminder that stability below the 77.60 level is important to achieve the proposed goals. Pivot Price: 76.83 Resistance Prices: 79.18 & 80.80& 82.74 support price: 75.49 & 73.80 & 72.12 The general trend expected for today: bearish
TVC:USOILShort
by Evar_Mayi
2
Crude oil review of last week and analysis of this week This week, crude oil received support at 74.9 and the overall rebound rebounded. The week ended with an overall decline of 4.18%, and finally closed at $77.40. From a fundamental point of view, the reasons for the continued fluctuation of crude oil prices this week are as follows: 1. Russian Foreign Ministry Spokesperson Zakharova: Russia will not give up its plan to increase liquefied natural gas production to 100 million tons per year because of US sanctions. 2. Three fuel producers said Russia will completely lift its ban on diesel and gasoline exports next week, sources said 3. Russian Foreign Minister Lavrov: The West’s green transformation has triggered a crisis in the global oil and natural gas market. Sanctions imposed on Russian oil have had a huge impact on global energy markets, causing costs to rise. Damage to the Nord Stream gas pipeline means Europe will no longer have access to cheap fuel. 4. After the United States eased sanctions on Venezuela, Venezuela’s state-owned oil company PDVSA is negotiating with local and foreign oilfield companies to rent equipment and services to enable it to restore sluggish production; 5. Russian Deputy Prime Minister Novak: Before the end of December 2023, Russia will continue to voluntarily cut its oil supply and petroleum product exports by 300,000 barrels per day. The voluntary production reduction decision will be reviewed next month to consider further production cuts or increases in oil production; The above factors are responsible for the continued complex and volatile trend of crude oil this week. Overall, it is the promotion of various factors that has caused the price adjustment. It has brought about chain reactions in some markets, and crude oil supply problems have led to changes in crude oil prices; In terms of news, next week’s regular data API and EIA’s overall expectations are still more likely to be small and bullish. Due to the EIA system upgrade, the EIA will release two crude oil inventory reports at 23:30 on November 15 (including those not announced last week). (one copy), due to the current tense geopolitical environment, the overall probability is still small and bullish, and of course the possibility of repairs on both sides is not ruled out. In addition, we need to focus on the release of OPEC's monthly crude oil market report (the specific release time of the monthly report is to be determined, usually around 18-21 o'clock on November 13, Beijing time). The follow-up of the Palestinian-Israeli conflict will affect the trend of the energy market. Keep an eye on this; The IEA releases its monthly crude oil market report. Fundamentals of supply and demand are weak. OPEC+ supply in October was higher than expected. The actual export volume of oil-producing countries increased by nearly 500,000 barrels per day. In addition, Russian oil exports rose to a nearly four-month high, with average daily oil exports of nearly 3.48 million barrels; in its monthly forecast, EIA lowered the growth rate of global crude oil demand in 2023 by 300,000 barrels per day. Inventories have increased significantly. In the week ending November 3, crude oil inventories increased by 11.9 million barrels, and distillate inventories increased by 980,000 barrels. The marginal demand for crude oil has weakened, and it is expected that supply and demand will develop from a tight balance in the third quarter to a balanced supply and demand in the fourth quarter, putting crude oil prices under pressure. On the macro front, non-farm payrolls data have lowered U.S. economic growth expectations, and Federal Reserve officials have been hawkish recently. If the focus of late trading returns to the U.S. economy, which is expected to enter recession, it may suppress crude oil prices. Overall, the fundamental margin has become looser, inventories have increased more than expected, and price weakness may continue. From a technical point of view, this time it has continued to fluctuate and bearish since it opened high on the 20th, and this week has made a low, and the latest will be next Monday's low. After that, the overall trend will continue to be bullish until the 1st or 5th, so next week From the beginning, if 74.9 does not break below, the overall trend is to continue to be bullish, and what we need to do is to close the short and add long ideas next week. The previous judgment was to be bearish to about 74, and the target has been achieved now. From a structural point of view, it is a good choice to see the current rebound to about 82, so in the later period, all short positions below 83 will be closed and harvested. U-turn is mainly bullish. Later development will be further judged. More based on the intraday strategy,
TVC:USOILLong
by Krause_Philipp
Crude oil prices have reached bottom Issues of demand and supply remain key considerations for crude oil. There are currently some signs of support for crude oil. Oil prices fell below 75 this week and have been repeatedly testing upwards around 75. If the current price falls further, market participants will worry about an economic recession. In the short term, crude oil returns to the 80 area and continues to test back and forth. All in all, the crude oil market's recent performance has been characterized by volatility, but signs of support have emerged. While questions surrounding demand, supply and geopolitical impacts remain, the potential for a short-term rebound is clear. It is unlikely that crude oil will fall sharply again, and the overall outlook is bullish.
VANTAGE:CL-OILLong
by Anthony-Ryan
Oil price gets a negative signal The price of oil has been fluctuating sideways since the morning, and therefore, there is no change to the expected bearish trend scenario for today, which mainly targets the 75.49 and then 73.80 levels, with a reminder that breaching 77.83 will stop the expected decline and push the price to try to recover in the intraday term. Pivot Price: 76.83 Resistance Prices: 79.18 & 80.80& 82.74 support price: 75.49 & 73.80 & 72.12 The general trend expected for today: bearish
TVC:USOILShort
by Evar_Mayi
4
Short continuation Crude oil broke straight down yesterday, with the high point at 81.0, the lowest point at 77.0, and the closing price at 77.11. The daily level includes a big negative line. The high price did not break the previous high, but the low price broke the previous low, showing a downward trend. The daily line of crude oil showed an N-shaped downward break pattern on the general trend, and the market outlook continued to be bearish. Crude oil shorts have broken through to open up space, and the short-term outlook is expected to continue. Short-term resistance levels focus on the 78.6-79.5 and 75.0-74.0 support levels.
VANTAGE:CL-OILShort
by Anthony-Ryan
Crude oil prices will continue to fall Crude oil has been in a downward and volatile trend recently, and the increase in U.S. crude oil production has eased the market shortage. Although the Palestinian-Israeli conflict has played a certain role in raising oil prices, major oil-producing countries in the Middle East such as Saudi Arabia and Iran have not participated in the war and have not jointly reduced production. OPEC+ has reduced production many times since last year, So Middle East oil production cuts are less likely. If the Arab states and Iran are involved in a war, they may jointly implement oil production cuts or embargoes, which will trigger an increase in oil prices. Crude oil continues to fluctuate downward, trading in the range of 80-84.5
VANTAGE:CL-OILShort
by Anthony-Ryan
Crude oil analysis on November 7 After crude oil rose from a low of 80.66 to 82.24 yesterday, it has been unable to break through the key resistance level and began to fall to the bottom again today. Yesterday's upward trend in crude oil was also due to the current shortage of crude oil in the market and the US market situation. Crude oil has strong support at 78.8 and resistance at 82.5. Today's market is more inclined to correct upward. Bulls are strong and are expected to break through 82.5 today Follow updates
VANTAGE:CL-OILLong
by Anthony-Ryan
WTI CRUDE OIL: Very dangerous 1W MACD Bearish Cross formed.WTI Crude Oil materialized our 78.50 short term target (chart at the bottom) and crossed under the 1D MA200. This is a breach of potentially serious consequences as it also breached the 1W MA50, so we need to monitor the closing on a weekly scale. If it closes under it, the bearish trend is very likely to be extended. The formarion of a MACD Bearish Cross on the 1W timeframe can be very dangerous as the last one that happaned while the price breached the 1W MA50 was on June 13th 2022, the market High after the Russia invasion peak. If the market does close the week under the 1W MA50, we expect a rebound on the Channel Down bottom near 76.00 and if the candles close under the 1W MA50, fresh short targeting the 1W MA200 (TP = 71.00). See how well our prior idea has worked: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
TVC:USOIL
by InvestingScope
Crude oil faces rising opportunities The crude oil market fell for a second straight week on renewed signs of weak demand after the premium over the risk of the Palestinian-Israeli conflict faded. However, weak data from the U.S. employment report supported market speculation that the Federal Reserve may stop raising interest rates, which provided some support for oil prices. Saudi Arabia's announcement to cut crude oil production will further push up oil prices. A tight market for crude oil is supporting crude prices. The current support level of .80 has been continuously tested but has not fallen below. Let’s see if crude oil can break through 85.5 in the future
VANTAGE:CL-OILLong
by Anthony-Ryan