₦airaland Forum

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.

According to Oilprice, China is still holding the key to 2024 global oil demand. Chinese imports rose in January and February this year compared to the same two months of last year. Despite an increase in China's crude oil imports in the first two months of 2024, it's too early to say how the purchases of the world's top crude importer will impact global oil demand and prices this year, it is proven the oil price still decline below 80 level prices, US Crude oil shows the price now traded at 77.06, it's a drop from previous high 79.43. XTIUSD price could move in the range of 75-80 prices.

Oil prices are steady in the range of 75-80, today US Crude oil traded back at 79.09 as yesterday dropped to a low of 77.61. Differ Gold prices now traded above 2160 amid rumors Central banks globally are likely accumulating gold as a strategy to diversify away from the dollar, in light of concerns over persistent US fiscal deficits and inflationary pressures.

Oil prices are currently still stable within the price range of 75-80 for US Crude Oil. US crude oil prices may still fluctuate within the daily price range. However, analysts still believe that the escalation of war in the Middle East has the potential to trigger an increase in oil prices. In UK Finance Minister Jeremy Hunt said that the UK was extending the windfall tax on oil and gas operators in the UK North Sea for one year until March 2029. This was a move expected by analysts and opposed by the industry.

Oil prices still tend to be stable, moving within the daily price range of 75-80 levels. Even though it was influenced by the extension of production cuts by OPEC+, it seems that the market has not much to respond to US crude oil now moves at 77.90 near the middle band line.

Commodities analyst Helima Croft of RBC told Bloomberg in an interview that oil prices are expected to be much higher if the conflict in the Middle East escalates. The commodities analyst noted the resilience of oil demand in China as another important factor for prices, saying that although China's macroeconomic picture may show weak demand. Today's oil price still moves in the range of 75-80 for US Crude oil.

Anonymous sources at OPEC revealed on Sunday that several OPEC members and allies, spearheaded by Russia, have reached an agreement to extend voluntary oil production cuts from the first quarter to the second quarter of 2024. e next, OPEC's next meeting in June will provide insight into how OPEC views demand growth in developing Asia in late 2024 and 2025. The oil price is now at 79.48. US crude oil prices are expected to break through the 80 price level

Oil prices are still in the daily range of 77-79, the war in the Middle East does not seem to be a trigger for oil prices to soar. In contrast to the crypto asset surge in recent weeks, Bitcoin jumped more than 18% in 7 days, Solana gained 21%, and Ethereum also jumped 11.83%

ICTcadet:
Do you really trade?

Yes of course.

Goldman Sachs revised its Forecast of Brent Oil Summer Price to $87. According to Goldman, the international benchmark Brent Crude will likely remain in the $70-$90 a barrel trading range in the near term amid modest geopolitical premium from the wars in Ukraine and the Middle East.
US Crude Oil rose today from a low of 75.70 to a high of 77.84.

US Crude Oil dropped from a high of 78 prices level to a low level of 76, Oil prices are currently moving near the middle band line which may be a support zone in this trading week. Oil news, Saudi Arabia can no longer raise oil output for cash, according to Oilprice analysts Saudi Arabia scrapped plans to expand oil production capacity as the Public Investment Fund shrank from more than $105 billion in 2022 to around $37 billion in September.

US crude is still moving within the daily price range of 76-79 levels. According to Oilprice, Crude oil prices moved slightly higher, after the Energy Information Administration reported an inventory increase of 3.5 million barrels for the week to February 16.

US crude oil now traded at 77.89. Prices tend to move in a consolidation phase with a price range of 75-78 price levels. Deutsche Bank predicts UK Brent Oil Price at $88 by the End of 2024. With the OPEC+ cuts in the first half of 2024, Deutsche Bank sees little upside to its H1 forecast of $83 per barrel Brent.

Oil price now still depreciated to a low 77.14, the price drop got rejected near 78.50. Oil news, Russia has fulfilled its promise in January to reduce crude oil exports by 300,000 barrels per day (bpd) this quarter, Russia said at November's OPEC+ meeting it would deepen export cuts to 500,000 barrels per day in the first quarter of 2024 The cuts this quarter will consist of reducing crude oil exports by 300,000 barrels per day and refined products by 200,000 barrels per day.

Oil price is now at 77.91 down 0.26%. oil prices moving sideways between the upper and middle band lines. News: Industry body Offshore Energy UK (OEUK) will host the meetings, which will discuss Labour's windfall tax plans for the sector. The organization warned that up to 42,000 jobs could be lost in the energy sector as a result of Labor's tax plans for the fossil fuel industry.

US Crude oil prices traded in the 75-78 price range last week, in general prices still moved in the range below the upper band line. Major oil companies like Chevron, Exxon, Occidental, and Diamondback have engaged in multibillion-dollar mergers, aiming to bolster their positions in the oil and gas market.

Oil prices rose again to level 77 after dropping to a low of 75 for USCrude, according to Bank of America Global oil demand continues to rise and will keep increasing for years, but the annual rate growth may have already peaked. In the long term, OPEC sees robust demand and raised significantly its long-term estimate in its latest annual World Oil Outlook, with global oil demand seen at around 116 million bpd in 2045.

Oil prices dropped to a low of 76.09 from a high of 78.41 on yesterday's market. Tuesday's inflation report showed the consumer price index (CPI) rising 3.1% in January, year-over-year, up 0.3% from December and higher than expectations. That report dented the U.S. stock market on Tuesday and suggested to investors that the Fed may delay the start of interest rate cuts.

Oil prices tried to rise and recorded a high of 78.07 for US Crude Oil. According to Fitch Ratings, geopolitical instability in the Middle East, upcoming elections in many countries, as well as increasing regulatory uncertainty are the main risks for most commodities including oil and gas, copper, and defensive commodities such as gold in 2024. Standard Chartered believes that the market seriously underestimated the geopolitical risks that may arise from weak oil demand in January. Analysts appear to be right with the latest global inventory data showing that the oil market is tighter than expected. According to StanChart, there has been a decrease in January inventories in just three years since 2004, with the month's average increase being 1.2 million barrels per day.

It seems oil price is still moving in the range of 76 with a high of 76.96 and a low of 75.46. Oil prices appear to be moving between the upper and middle band lines, indicating that bullish sentiment is moving statically. Geopolitical tensions in the Red Sea continue, as reported by Oilprice, the Houthis attacked a Greek ship listed on NASDAQ. The main owner of the ship is Star Bulk Carriers Corp which is based in Greece.

Oil prices are now moving stable at around 76 for XTIUSD or US Crude oil. Now Oil price is being corrected after reaching a high of 77.13 on February 9. Reporting from Oilprice, according to StanChart, the global oil surplus we are currently seeing is caused by seasonal weakness in January. StanChart notes that there has been a January inventory draw in just three years since 2004