Tipically oil prices still traded on the range market in bands line roughly 75 and 69 level prices. Yesterday oil price formed a bull candle after the previous drop low 71.16. According to Oilprice analysts, traders are trying to speculate on oil amid escalating tensions in the Middle East, betting that oil could reach $110. Geopolitical tensions in the Middle East, particularly involving the Iran-aligned Houthi rebels, are central to the speculation, although analysts largely believe a major escalation is unlikely.

Oil prices are still trading in the range of 75 and 69, yesterday the price tried to rise to a high of 73.50 but was rejected near the MA 50.
According to analysts, the reason oil prices are currently influenced by excess supply, weak prices, and weak demand growth The only factor that could potentially offset the impact of these factors is the situation in the Red Sea.

Oil prices tried to rise again and formed a bullish candle below the middle band line. The price failed to form a new low and was held back by support near the lower band line. The escalation of war in the Red Sea is still a concern amidst global geopolitical tensions. On the other hand, Russia is committed to OPEC+ cutting oil exports by 300,000 barrels. However, on the other hand, the EIA predicts that the U.S. crude oil production reading 13.4 million barrels per day.

Oil prices fell again to a low of 70.17 and failed to penetrate the 75 price level yesterday. The escalation of the war between Israel and Hamas appears to be widespread, recently the war involved Hezbollah in Lebanon, and Houthi in the Red Sea. Heated geopolitical conditions can disrupt the security stability of international trade and possibly influence financial markets.

After opening an order, no one knows where the price will go, in CFD trading, the role of risk management is very crucial. Currently, oil prices are trading again at roughly 72. In general, the support zone is near 69 and the resistance zone is near 75.
Several analysts forecast weak global economic growth in 2024, predicting that oil demand and prices will remain subdued, with WTI crude expected to average $78.84 per barrel.

Oil prices rose again after falling to a low of 69.40. Some analysts stated the rise in oil prices to the escalation of tensions in the Middle East or the Red Sea, the latest news that Britain will attack the Houthis and the other hand, and Iranian ships arriving in the Red Sea to support the Houthis if the war spreads could be the biggest war in history.

Oil prices showed a decline and reached a low of 70.16 yesterday. The latest news is that OPEC+ will hold a Joint Ministerial Monitoring Committee meeting sometime in early February. OPEC+ members collectively decided to voluntarily cut 2.2 million bpd from the group's production this quarter.

Happy New Year all, wish 2024 all the best, and always live in peace and full prosperity.

In the beginning year, oil prices were still flat and some gaps occur today, when the price jumped from the previous opening price. The gap is seen on the H1 timeframe. There is interesting news related to solar cells looking for renewable energy to replace fossil fuels. Citing to Oilprice Next-Gen Solar Cells: Smaller, Cheaper, More Efficient. The cells, with a size twice the thickness of a strand of hair, have significant advantages over conventional solar technologies, reducing electrode-induced shadowing by 95% and potentially lowering energy production costs by up to three times.

The tensions in Laur Merah still seem difficult to bring oil prices up again. In the last two days, oil prices continued to fall and reached a low of 71.28. The Prosperity Guardian formed by the US seems to be facing obstacles due to the reluctance of several NATO members such as Italy, Spain, and France. The Houthi group targeting ships affiliated with Israel has forced some cargo ships to detour through Africa to reach Israel, which takes longer and increases costs.

Oil prices continued their decline and reached a low of 71.77, it seems that oil prices are still having difficulty breaking through the 80 level amid tensions in the Red Sea and the war in Gaza. The bearish trend in oil still leaves questions about the cause. This may be because the war has had an impact on security concerns and reduced demand, especially in the Middle East and China which has not yet shown an increase in demand for oil, on the other hand US oil production continues to increase.

Oil prices yesterday dropped roughly 2% as a result of tensions on the Red Sea. which caused ships affiliated with Israel to have to detour further to avoid Houthi attacks. On the other hand, America formed Prosperity Guardian to protect against Houthi attacks. While the Houthis said they only attacked ships affiliated with Israel and did not target other ships.

Russia and Iran both signed an agreement to use local currency for trade and not use USD anymore. It seems USD domination is fading due to some countries abandoning the currency.

Yesterday oil prices rose to a high of 76.18, this increase may have been triggered by several factors, including tensions in the Red Sea where ships affiliated with Israel were attacked by the Houthis, so many ships turned around, which took longer time to arrive and increased costs.

The price of oil is now at 73.43, still moving below level 75, the latest news related to oil, Russia is planning to scale back oil exports from its seaports next month by between 100,000 and 200,000 barrels per day compared to December levels. And rising geopolitical risks in the Red Sea are now making headlines after the Israel - Hamas war.

Today oil traded at 73.86, in the daily we can see oil forming indecision candles with long shadows on top and bottom candles. After hitting a high of 75.39 oil back rebound. to low 72.47. Conflict of interest between OPEC+ and the US may be including reasons in the oil market. OPEC mainly relying on oil export want the price to rise. OPEC+ agreed to cut oil production by 1 million barrels per day starting in January 2024. On the other hand, the US wants the price is low because they need more oil for infrastructure. the US is increasing its production and this is a challenge for OPEC+ which relies on high oil prices.

There seems to be a bullish bet on the current oil price rising above the 70 level, now the oil price is at 72.40. According to analysts, the rise in oil prices was more influenced by bullish bets when oil prices fell.

Oil price rose yesterday and formed a higher high at 72..71. Analyst Oilprice states Optimism around both economic growth and oil demand was boosted on Wednesday when the Fed signaled it would cut interest rates next year. The Fed’s comments also triggered a rally in stocks, bonds, and gold, and sent the U.S. dollar to a four-month low.

The price of US Crude oil is currently trading at 70.18, although it is rising, it is still forming a lower high. News related to oil citing to Oilprice, OPEC production falls but on the contrary, the U.S. oil output continued to reach new highs. Here there appear to be two interests, on the one hand, OPEC wants to balance the market, and on the other hand, the US wants lower oil prices

Oil prices fell again and formed a lower low at 68.44, there are various opinions regarding the decline in oil prices. Analyst Oilprice state oil prices are still under pressure from inflation data which encourages the Fed to maintain high interest rates. some state that OPEC+ producers need a long-term plan to manage supply to the market. U.S. record high oil production is a huge problem for OPEC+

No one knows where the oil price will move in the future, yesterday the oil price formed a small body indecision candle with shadows on the top and bottom of the candle. According to analysts, OPEC* output cuts may have no effect unless there are further cuts. A Reuters survey shows that OPEC+ 2.2 million barrel-per-day production cuts in the first quarter of the New Year will be counterbalanced by a potential supply surplus, signaling a bearish outlook for oil prices.

Oil price at the moment traded at 71.33. Oil prices tried to wake up after dropping a low of 68.90 the previous week. There is good news on the oil market. U.S. Plans 3 Million Barrel Purchase of Crude Oil for SPR and India Could Boost Russian Crude Imports As Prices Fall,

Today's oil price is trading at 70.00, although it is up 0.39% from the open, it still forms a bull candlestick with a small body. The price is currently near the lower band and may retrace back within the belt. Bearish oil also seems to be triggered by declining demand from China, as Oilprice sources report that China's oil Imports slumped to the first annual decline since April. Chinese crude oil imports dropped by 9.2% year-over-year in November.

Oil prices fell below $70 again and reached a low of 69.27 yesterday for US Crude oil. There are various reasons from analysts behind the bearish trend in oil. Some say the reason is the decline in Chinese demand after Covid which requires recovery, and the US desire for oil in the trading floor range of $40-50. And some analysts say this is because the market expected 1 million barrels a day of extra cuts but this was not communicated at the meeting.

No one knows where the price will go, as oil is still in a downward trend, yesterday the oil price continued to fall and reached a low of 72.02. Analyst Oilprice states the oil price dropped because U.S. crude and products were built. Crude Oil US inventories increased by 594,000 barrels for the week ending December 1. The American Petroleum Institute (API) data shows a net build in crude oil inventories in the United States of nearly 21 million barrels so far this year.

Oil prices still seem reluctant to rise again, yesterday prices fell to a low of 72.74. According to analysts from Oilprice, the oil bearish market is mostly caused by China and the US. China's rapid economic growth before COVID-19 caused increased demand for oil, but post-Covid conditions still seem to need more recovery. Meanwhile, the US, which is also a country that needs a lot of oil, wants oil prices in the range of $70 with a floor of $40-$50.

Oil prices still seem reluctant to rise again past level 74.94 on the Tradingview chart by FXOpen. There is interesting news related to oil from the source Oilprice, South America's offshore oil boom is set to make the region a major play in global oil markets, challenging OPEC's dominance. If there is competition between the two, it might affect global oil prices.

Oil prices fell again to level 75 after the OPEC+ meeting. Oil prices briefly rose to level 79, but in the short term, the price fell to level 75.
Analyst Oilprice wrote that Oil Prices Retreat As OPEC+ Cuts Another 684KBPD, according to him oil prices fell again after OPEC+ concluded its Ministerial Meeting. with the results of the together meeting, the total voluntary cuts for the first quarter was 2.184 million bpd, and Brazil will officially join OPEC+ effective in January

Oil price eventually reached 77 again and yesterday successfully crossed the middle band line. According to Oilpirice oil rising 1.6% as markets focused on the OPEC+ meeting scheduled for Thursday, with analysts increasingly anticipating additional production curbs at some level from the cartel. It seems that rumors of a possible further postponement of the OPEC+ meeting are still just public discourse, and investors will still be waiting for this momentum.

Oil price eventually reached 77 level price in yesterday's market. However there is a negative rumor that the OPEC+ meeting may be delayed again amid unrest that is occurring among the OPEC+ oil group, an extension of the previous agreement is a possible scenario, with deeper production cuts being unlikely, four OPEC+ sources told Reuters on Tuesday. The next meeting to discuss 2024 oil production plans among the group was previously postponed to next Thursday as production levels for oil producers in Africa proved to be a source of contention. And now, it appears further delays are possible—although the group appears to be getting closer to a compromise on the numbers it will need next year for the group's African members. Angola and Nigeria balked at their quotas for next year.

Oil prices still traded below 77, and in H1 the Bollinger band narrowed indicating the market decreased volatility, seems many oil investors waiting OPEC+ meeting on 30 November. Reuter reporting in an interview from an unnamed OPEC+ source, said he hopes there will be an option for “further collective reductions” in oil production at the next meeting. The source's comments echoed similar comments made earlier in November stating that additional cuts would be considered. Last week, analysts increasingly expected an extension of voluntary cuts of 1 million barrels a day or additional cuts to support prices.

OPEC+ meeting held on 30 November, maybe many oil traders focusing on this momentum, according Bloomberg survey 50% of analysts predicted that the expanded cartel would continue cutting ~1 million barrels per day through 2024. Six analysts predicted there would be additional restrictions on top of that for all cartel members, and two analysts predicted that, once again, the only countries that would become cartel members were Saudi Arabia and Russia.

Oil prices are still depreciating below level 77 due to the postponement of the OPEC+ meeting, besides that there are other threats to oil shipping. oil shipping land Yemen's Iran-aligned Houthi rebels warned Israel and its allies that any ships passing through the Bab el-Mandeb Strait linking the Red Sea to the Arabian Sea would be considered “legitimate targets,” in the latest escalation of threats against such ships. one of the world's most important oil choke points.

Oil price today is 76.75, the price yesterday plunged roughly 4% in a few hours and landed low at 73.81. Oil price reversion and formed pin bar in a daily candle. Analysts gave the reason that oil prices fell because on Wednesday morning after confirmation that this weekend's OPEC+ meeting would be postponed. The postponement has been linked to Saudi Arabia's dissatisfaction over the production levels of other members.