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Saudiarabia

Breaking: The OPEC report is issuedOPEC monthly report was issued a few minutes ago, and the report was not positive for OPEC+ and the oil-producing countries within the group, led by Saudi Arabia. OPEC kept its forecast for oil demand in 2021 unchanged at an increase of 6 million barrels per day, bringing the average to 96.6 million barrels per day, and also kept its forecast for the growth of oil demands in 2022 by 3.3 million barrels per day, bringing the average production to 99.86 million barrels per day. While OPEC+ raised its expectations for an increase in the production of oil-producing countries outside the group by 840 thousand barrels per day, to reach an increase of 2.9 million barrels per day, with a total average of 66.9 million barrels per day in 2022. It also raised its forecast for the production growth of oil-producing countries outside the group in 2021 by 270,000 barrels per day to reach 1.1 million barrels per day, with a total average of 64 million barrels per day.
TVC:UKOIL
by basembitar
ARAMCOARAMCO is forming an Ascending Triangle started in early Nov. 2020. Priced reversed from the downward trendline and the resistance area at 36.00 bushing ARAMCO to test the bullish support line of the triangle pattern. This declining is confirmed by indicators such as the RSI and OBV, hence breaking below the support line will forced ARAMCO to continue its downtrend. On the other hand, breaking over the bearish trendline then the resistance area at 36.00 will be the beginning of the bull market.
TADAWUL:2222
by MohammedEl-Sherbiny
Brent Crude - Looking Overextended Ahead of OPEC+ MeetingOil prices have enjoyed a remarkable rally over the last four months as the world has gone from entering the most severe wave of Covid-19 to rolling out vaccines and planning its final exit from the restrictions. Efforts by OPEC+ have been key to this, including the surprise one million barrel cut from Saudi Arabia earlier in the year, which confirmed the group was committed to bringing the market back into balance even as the world starts to emerge from the pandemic. But the next phase is arguably the most challenging for the group so it's so surprise that the week before the next meeting, we're seeing momentum slipping on the daily chart, even as prices are hitting new highs. That kind of divergence is a red flag rather than a reversal signal but after such a powerful run and ahead of a meeting that could be challenging, a correction wouldn't be entirely surprising. We could still see some more gains in the near-term but the closer it gets to $70, the more interesting the momentum indicators will become, given the psychological barrier and the fact it has historically been a key level of resistance. The 4-hour chart shows that price is currently quite extended, with it being quite far from the moving averages compared to where it's traded the last few months. A move back towards the 55/89 SMA band would be very interesting, with it having been a key support zone all the way up. There have been small moves below at times but broadly speaking, it has been a key reversal point. A break below this could signal a larger correction, although that may well depend on the outcome of next week's meeting and how positive investors stay in the face of rising yields.
OANDA:BCOUSD
by OANDA
LMT - Biden Admins Arms Sales Freeze...Shake It Off!LMT 12day, Weekly, Daily Set-up ENTRY = 320 add = 305-266 1st Target = 354 2nd Target = 375 3rd Target = 400 HODL Target = 440+ ______________________________________________________________________________________________________________________ This content is for informational, educational and entertainment purposes only. This is not in any way, shape or form financial or trading advice. Good luck, happy trading and stay chill, 2degreez
NYSE:LMTLong
by UnknownUnicorn7216011