Today's data shows WTI oil fell from a high of 82.99 to a low of 80.67. Although tensions in the Middle East still show no signs of ending, it seems that the market is also influenced by other influences such as the strengthening of the USD and US data, CB Consumer Confidence which fell to the lowest level since July 2022, and manufacturing activity in the Middle East.

The strengthening of the US dollar index also contributed to pressure on oil prices amidst Middle East geopolitical tensions. Hamas leaders have arrived in Egypt to negotiate a ceasefire with Israel through mediators from Egypt and Qatar. However, Israel seems to have canceled sending its representatives to mediate and they might attack Rafah despite many countries opposing it.

OPEC challenges reports that predict oil demand will fall. OPEC Secretary General Haitham Al Ghais called on those predicting the end of oil prices to take a more relaxed stance as these predictions could be dangerous. OPEC has repeatedly argued that forecasts predicting a rapid end to the oil era are not based on reality and that stretching them could discourage new investment in oil and gas supplies that the world needs. US crude oil prices are slightly down 0.22% today from opening prices.

Oil prices fell slightly at the start of the week on Monday by around 0.67%. Even though it has declined and choppy market, tensions and the escalation of war in the Middle East are still an important focus for economists. The World Bank warned that conflict in the Middle East could increase oil prices beyond $100 a barrel.

Since January, the bullish movement in the price of the USDJPY pair has brought the price of the Japanese Yen to a weakening that has never occurred in history. USDJPY has reached the price level of 156. It is known that the BOJ has ended negative interest rates and raised interest rates by 0.1% in Japanese history. Citi analysts said that although the BoJ took steps to control the currency, it was only successful in the short term and had not reduced the weakening of the Japanese Yen. Meanwhile, today's US crude oil price also rose 0.31% from the previous day. Global geopolitical tension in the Middle East is still an issue that may receive a market response.

Oil prices tend to be stable week on week despite a significant US oil inventory build offset by a decline in US crude oil stocks. It seems that traders are also less worried about supply disruptions due to tensions in the Middle East. However, Standard Chartered has predicted that global oil demand will pick up strongly in May and June, exceeding 103 mb/d for the first time in May. US crude oil is today at 82.43 price level.

After falling to a low of 80.73 US crude oil rose to price level 83. The trend structure still tends to be bullish referring to MA 100. Global geopolitical tensions in the Middle East are still a concern for many analysts who influence financial markets. Other news is that UK wind has overtaken fossil fuels to become the largest power generation source.

Oil prices are consolidating near the lower band at around 81 after falling several days ago. Although geopolitical tensions can influence oil prices, high supply also influences oil prices.

Oil-related news, Venezuela tries to divert oil sales using US Tether to avoid sanctions. State-run oil company PDVSA was ordered to close transactions in line with sanctions at the end of May and it tried to redirect its oil sales using USD-pegged Tether.

US crude is still trading at around 81 levels despite increasing tensions in the Middle East. It seems that the situation in the Middle East has not yet caused oil prices to soar as many analysts predicted. Oil prices were volatile when Iran attacked Israel, but it was only a temporary fluctuation and oil entered the consolidation zone. On the other hand, OPEC+ returning supply of 2 million bpd could affect oil prices.

The market appears volatile amid global geopolitical uncertainty and geopolitical turmoil in the Middle East. Gold prices jumped and fell in two hours of trading. On the other hand, US Crude oil also experienced increased volatility, marked by a long candlestick forming on the daily timeframe.

Unlike what many traders expected, oil prices plunged yesterday from 84.93 to a low of 81.98 even though the escalation of the Iran vs Israel war has become an important issue in global geopolitics. In fact, according to the EIA report, there was an increase in oil stockpiles which caused prices to plummet. Elsewhere, gold prices are stable at around 2374. There has been no drastic price increase in gold, but long-term bullish potential is still possible.

The debate about Israel retaliating against Iran is still an important issue related to oil, apart from the US election, which is also important news in the financial markets. Some analysts worry that rising tensions in the Middle East could cause oil prices to hit $100 due to a direct threat to oil supplies.

The Israel vs Hamas war has dragged in several other countries including Yemen and Iran. Iran's recent attack received a response from Israel that they vowed to retaliate against Iran's attack when oil prices fell. The plan will be coordinated with the US as Israel's main ally so far.
In the midst of heated geopolitics, there is a possibility that oil prices will rise, besides gold may still be an option as a safe haven asset.

Oil prices are still wavy despite the escalation of the war in the Middle East increase because Iran began attacking Israel with drones, cruise missiles, and ballistic missiles. However, oil prices that day fell from a high of 87 to a low of 84 for US crude oil. Longer term though, simmering geopolitical tensions some fear could send oil prices up more than $100

Israeli media reported, "The United Arab Emirates (UAE) has announced the suspension of diplomatic coordination with Israel following the death of seven World Central Kitchen humanitarian workers in Gaza." Geopolitical news in the Middle East seems to be the reason for soaring oil prices. US crude oil rose the highest throughout 2024 at 86.70. Apart from the UAE, Iran's threat also increased after the Israeli attack on the Iranian embassy in Damascus.

Oil prices moved flat at 85.14 after yesterday forming the highest in 2024, as notes at the Joint Ministerial Monitoring Committee (JMMC) meeting at its meeting on Wednesday suggested no change to production cuts in OPEC+. The group continues to cut oil production output at least by the end of the first half of 2024.

US crude oil prices eventually rose to the price level of 84.59 and formed a new high at 85.04. According to Oilprice, the oil rally was caused by a decline in United States crude oil inventories this week by 2.286 million barrels for the week ending March 29. Analysts expected a 2 million barrel drop in inventories. In the previous week, crude oil inventories amounted to 9.337 million.

OPEC output in March decreased. Based on the Reuters survey data, OPEC output for March was at 26.42 million barrels per day on average, compared to 50,000 bpd for February. Yesterday oil prices were observed to rise to reach the highest in 2024 at 83.98 for US Crude oil. Oil prices have risen since early Monday this week.

The price of US crude oil is still stuck at level 82, it is hoped that reports that Russia will cut oil production in the second quarter can push up oil prices. Russian Deputy Prime Minister Alexander Novak delivered the report on Friday

The price of US crude was seen rising to reach 82.57, almost approaching the high of 83.03 which was formed on March 19. On the other hand, the price of gold soared high, setting a new all-time high. The rise in oil prices is amid rumors of concerns about closing the world's refining capacity by 20% due to declining demand and environmental regulations. The rise of electric vehicles and biofuels is changing the industry, potentially leading to widespread refinery closures.

Even though the Ukrainian drone attack on a Russian oil refinery is expected to increase oil prices, it seems that the effect is not yet visible, US crude oil prices are still trading in the 80-83 range in this week's trading. However, US sanctions against Russia have reportedly increased shipping costs for Russian crude oil in the Baltic Sea. On the other hand, the CEO of Blackrock warned that US debt could be detrimental to the US economy. US debt reportedly reached an all-time high this year

Blackrock CEO Larry Fink warns about US debt which can potentially destroy the economy. US debt is currently at an all-time high. US crude oil yesterday dropped to a low of 80.77, this decline may be due to an increase in US crude inventories. Crude oil inventories rose this week by 9,337 million barrels for the week ending March 22, according to The American Petroleum Institute (API).

Oilprice. At the Joint Ministerial Monitoring Committee (JMMC) meeting next week, according to delegates, commodity analyst Giovanni Staunovo's OPEC+ group does not see any need to propose a change to the current oil production policy. OPEC+ members have collectively decided to voluntarily cut 2.2 million barrels per day (bpd) from the group's production this quarter. Oil prices yesterday rose and now traded at 81.99 for US crude oil.

According to Oilprice, the Ukrainian drone attack knocked out 600,000 bpd of Russia's refining capacity. However, the Ukrainian drone attack on the Russian oil refinery gets a reaction from the US. The United States urged Ukraine to halt drone attacks on Russian oil refineries due to Washington's assessment that such attacks could lead to Russian retaliation and push up global oil prices. US crude oil today traded at 80.99, slightly up 0.58% and forming a small bull candle.

US crude oil prices fell again today at 80.35. Even though analysts from well-known institutions predicted that oil prices could rise due to the Ukrainian drone attack on Russian oil refineries which could cause prices to rise, today oil prices have fallen again after a few days ago having reached the highest price for 2024 at 83.03. Latest news from Europe. In Austria MCF Energy and its partner, ADX discovered a gas-rich show 115 meters long with a depth of between 1,452 and 1,567 meters at Welchau-1. It is further estimated that this finding could be a source of energy independence in Austria and even ease Europe's $800 billion energy crisis.

Analysts at J.P. Morgan estimates that 900K barrels of Russian refinery capacity have gone offline after Ukraine's drone attacked the Russian refinery, adding a risk premium of $4/bbl to oil prices. While, analyst StoneX Alex Hodes, Ukraine's recent attacks on Russian refineries could potentially cut ~350K bbl/day of global petroleum supplies and boost U.S. crude prices by $3/bbl. Yesterday oil dropped after the FED rate decision was kept on hold interest rate same as before, US crude oil now traded at 81.63.

US crude oil reached a new high of 83.03 yesterday, this bullish sentiment may also be influenced by Chinese demand which is expected to improve this year. Other news that may affect oil market supply, is Ukraine's drone strikes on Russian refineries and also OPEC+ members Saudi Arabia and Iraq agreeing to export less crude over the next months.

Bloomberg predicts China will import record amounts of oil from Russia in March as the world's top crude importer cuts supplies of crude shunned by India. China is expected to receive as much as 1.7 million barrels per day of crude oil from Russia this month. US Crude oil now traded at 81.88. Yesterday's oil rise drew a new high of 82.44 from a low of 80.51

An oil survey conducted by Bloomberg shows that the UK oil benchmark Brent is expected to exceed $80 per barrel by the end of this year. 53% of respondents see Brent crude oil prices above $80 per barrel by the end of 2024. A much smaller percentage 5% see crude oil prices exceeding $100 per barrel. UK Brent Oil and US Crude Oil are usually about $5 difference with Brent being more expensive than US Crude Oil. Current prices of US Crude oil are now traded at 80.87, which moved on the first resistance zone.

An expert analyst from Morgan Stanley Martijn Rats predicts oil prices may rise sharply which may surprise people. According to him, this year non-OPEC can still meet all of this year's oil growth, but on the supply side, it seems to be starting to falter in Brazil and has seen a shaky start in Canada. Inventory may increase but not by much. US crude oil is now traded at 80.54 the price-breaking upper band line may indicate rising volatility.

US Crude oil prices rose again to around 79.32 near the 80 resistance zone. Negative news in the US as quoted from Oilprice, US inflation rose by 3.2% over the last 12 months to February. The biggest contribution was the increase in gasoline prices, which pushed inflation higher than expected. This condition complicates the Fed's monetary easing plans and is an obstacle for President Biden in the election to convince voters that the economy is fine.

The EIA and OPEC are two of the world's leading energy agencies, but they sometimes have differing views in the field of oil forecasting. OPEC has a vested interest in stronger global demand, so there may be an overestimation bias in its outlook. On the other hand, the IEA acts as if it has a vested interest in the energy transition, which causes it to frequently underestimate oil demand, with the most obvious deviation being.
In its February Oil Market Report, the IEA forecast oil demand growth at a modest 1.2 million barrels daily this year. OPEC, for its part, kept its 2024 oil demand growth forecast unchanged from previous months at 2.2 million bpd.
Now US Crude oil prices are still stable at around 77.86, moving in the 75-80 price level range.

US Crude oil price is now at 77.77, back up from a low of 76.48. Prices are still in the 75-80 range. The latest news is that China has officially set an economic growth target of 5% in 2024. But can this target be achieved? As is known, China is one of the world's largest oil importers. If the economic target is achieved it is possible to increase oil demand. There are signs that China's trade globally is beginning to markedly trend up again. Exports jumped 7.1 percent year on year to US$528 billion in January and February.