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Oil Makes the World Go RoundHello everyone! I thought we would take a completely different topic this time, so as not to miss anything important in the current economic events. The world is still dependent on oil. "Black Gold" is the name given to the lubricant of industry and economy, and today many would like to get away from oil as a fossil fuel. But the dependence is still great, and this dependence has made many countries rich. Namely, the countries that have oil in the ground and have gained wealth from its sale. And in order to maintain that wealth in times of global crisis and lower demand, you have to manipulate the price - and you do that by restricting the supply. So one of the giants in the oil business, OPEC, announces a voluntary cut in production, at least Saudi Arabia - one million barrels less per day! That's a lot! Because one barrel is a barrel of oil containing about 159 liters. And this voluntary cut can be extended month after month! The aim is to stop the fall in the price of crude oil, which has been achieved for the time being with this rather surprising move. A barrel of Brent Crude Oil cost $77.24 today, up 1.5% from yesterday. But that is only half of the news, because the other half is likely to be even more far-reaching: The countries that make up the oil cartel known as OPEC plan to cut production starting next year. OPEC - an association of 13 countries and 10 states that are not core members of this oil club, but are also oil countries with which they cooperate, and these 10 are then called OPEC plus, including Russia. And Russia wants to sell more oil and is trying... In April it was more than 8 million barrels of oil. Only the deliveries are no longer going to Europe or America, but to the East, namely to India and China. Russia manages to keep the volume of its oil exports high despite Western sanctions. However, because of these sanctions, Russia has to sell its oil below market prices, according to the International Energy Agency. China's slowing economy has a significant impact on the price of oil - less demand from there pushes the price down. This is also the reason why the oil cartel is struggling to find a strategy, because while Russia wants to sell more, Saudi Arabia wants a higher price and is therefore voluntarily reducing its production. Oil is and will remain an economic lubricant for some time to come and, unfortunately, a means of exerting political pressure. Let me know what you think in the comments session. Stay awesome, trade safe!
TVC:UKOIL
by ReallyMe
2
The Price of Brent Oil Rises After Saudis’ DecisionIn 2022, a downtrend began in the oil market (shown by the blue channel), which is unfavorable for producing countries. When the price of Brent crude hit USD 72/BBL in March (1), OPEC+ countries announced production cuts, causing the price to soar towards the upper channel boundary. But the downtrend did not stop. Last week, the price of Brent crude again reached USD 72, which led to the announcement of the Saudis to cut production. On June 1, we wrote about the warning of the Minister of Energy of Saudi Arabia to market speculators to “watch out,” which led to the formation of a rebound (2) from the indicated level. On June 4, the warnings ended and the Saudi Ministry of Energy officially announced that the country's production would fall to 9 million bpd in July from about 10 million bpd in May, the biggest decline in years, according to Reuters. On Monday, May 5, trading opened with a bullish gap as Brent crude approached the USD 77.7/BBL level that acted as resistance in May. “This market needs stabilisation,” Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud said at a press conference. Suppose these words describe what could happen in the market before the end of the year — the entry of the price of Brent oil into a trading range, the lower limit of which will be the level of USD 72 per barrel, so persistently defended by the miners. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
FXOPEN:XBRUSD
by FXOpen
1
BRTUSD H4: Bullish outlook seen, further upside above 75.50Price is hovering above a key support zone of 75.50 on the H4 timeframe. A throwback to this zone, which is in line with the 78.6% Fibonacci retracement, could present the opportunity to ride the bounce to the resistance zone at 77.50, which coincides with the 61.8% Fibonacci extension level. Price is holding above the Ichimoku cloud and Stochastic RSI is in the oversold region below 20, supporting our bullish bias.
EASYMARKETS:BRTUSDLong
by T3-Consultancy