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%

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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

XTIUSD climbed high at 76.43, a continuation of the previous bullish trend. The Houthi threat in the Red Sea is still a concern for cargo ships, especially those linked to Israel. Executive A.P. Moller-Maersk Vincent Clerc told Bloomberg TV “We have not seen the threat level reach its peak, quite the opposite,” It is estimated that security threats in the Red Sea will continue to increase for up to a year by several shipping giants.

The price for US Crude Oil is at 73.94. Prices began to show signs of bull on February 5 by forming a reversal pattern with higher highs and lower highs. Tensions in the Red Sea and Suez Canal still pose a serious threat to the West linked to Israel. Reporting from Oilprice Western Ships Linked to Israel Pay 50% Extra Insurance Premium for the Red Sea. Marcus Baker, Marsh's global head of marine and cargo, said "The ships that have so far experienced problems, almost all have some element of Israeli or US or British ownership." On the other hand, Saudi Arabia has signaled a change in strategy towards oil. Saudi Ministry of Energy orders Aramco to maintain oil production at 12 million barrels per day, halting any expansion plans for domestic needs.

US Crude oil is at 73.38, the price rose from a low of 72.40 and formed a bull candle. Reporting from Oilprice, OPEC General Haitham al-Ghais said the global oil market will require an investment of $14 trillion over the next 20 years if oil-producing countries hope to meet global energy demand by 2045. According to him, global energy demand will increase between now this and in 2045 it will be 23 percent

Oil prices were observed to fall near the lower band, the decline in oil prices may be due to weakening demand in the global market after the recovery, apart from that the growth of renewable energy may also have an impact on oil demand. Amidst the geopolitical turmoil occurring in the Middle East and the Red Sea, Crude oil prices posted a high of 79.12 on January 28. After that, the price gradually fell and is now in the range of 74 near MA 50. The Joint Ministerial Monitoring Committee (JMMC) Meeting of the OPEC+ group held a meeting via video conference on Thursday and did not recommend the entire OPEC+ group take any action regarding crude oil production levels.

US crude oil dropped back to the low after Monday there was a gap at the high of 79.12. Now oil forms a bearish candle with a long body above the middle band line. The conflict in the Red Sea is getting hotter, where the Houthis and the US are attacking each other. Despite this, Saudi Aramco emphasized the manageable risks to its tankers when navigating the Red Sea despite the conflict. On the other hand, the Houthi group explicitly allows Chinese and Russian ships to pass safely, reflecting geopolitical alignment.

Tensions in Red Sea seem to be starting to have an impact on oil prices recently. US Crude oil prices began to form a bullish pattern after crossing the upper band line near the 75 price level. This may end the long-term decline that has been going on since September 2023. It is clear that today there is a gap in oil prices, the open price is much higher than the close last Friday. The price of US crude oil or XTIUSD is up high at 78.71 at the time of writing. Other fundamental news: US sanctions on Russia caused it to stop 10 million barrels of Russian crude oil for weeks. The 10 million barrels of oil were carried by 14 tankers, came from the Sokol type from Sakhalin-1 and remained unsold due to Western sanctions and were stranded in South Korea.

Even though it rose to a high of 75.38, the price was corrected again to level 74. Analysts still linking oil prices to tensions in the Red Sea and sufficient supply in the market. Oil prices continue to struggle for direction despite rising tensions in the Red Sea and Middle East region, as supplies remain sufficient.

Oil prices soared on yesterday's market, and US Crude oil rose and reached a high of 75.38 which in this point could be a resistance zone based on price history. According to analysts, oil prices soared because geopolitical risks took over fundamentals. Analysts say weak demand and slowing economic growth have prevented oil prices from soaring due to geopolitical developments.

Monday's market, sees oil prices now at level 73.36 based on XTIUSD chart FXOpen in Tradingview for US Crude oil. In general, price movements are still in the range of 75 and 69. Apart from tensions in the Red Sea, and other news related to oil from oil prices, China takes advantage of falling oil prices to Build Inventories. With the drop in prices in the fourth quarter of 2023, China resumed the higher import levels and higher inventory builds.

Oil prices were corrected again down to around 72, after rising to a high of 73.65. The escalation of the war in the Red Sea does not yet have a significant impact on oil prices, at least until today. In other news, several storms occurred in northern Dacota and caused oil output to drop to 650,000 BPD

The escalation of the war in the Red Sea seems to be expanding, the US is attacking Yemen to stop the Houthi attacks in the Red Sea. Recently the Houthis attacked a US vessel after attacking a warship. However, oil prices are still moved in the range at level 72. Yesterday it fell to a low of 71.35 but has risen again now at 72.79.

Oil prices are still reluctant to rise higher despite the escalation of the war in the Red Sea, although prices rose to level 75, eventually, the price returned to the 72-level price. The latest news The Biden Administration took one more baby step towards refilling the nation's Strategic Petroleum Reserves (SPR), announcing on Friday a request for proposals for another 3 million barrels of crude oil for May delivery.