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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.

Oil price in yesterday's market draws indecision candle Doji, seems Oil markets are now fully focused on the upcoming OPEC+ meeting, with reports that the group may deepen cuts being counteracted by an apparent lack of unity amongst OPEC members on the issue. In H1, the Bollinger band squeeze indicates a sideways market trend waiting for breakout

Oil prices tried to rise again yesterday by forming a high of 78.44. It seems that rumors about OPEC being said to be extending production cuts until 2024 are giving impetus to rising oil prices. OPEC+ members will meet on Sunday to discuss production policy, and it is said the group will discuss further output cuts.

Oil price now traded at 75.91, it seems oil price tries to rise after dropping low 72.36. Rumors about oil, OPEC said to pay attention to an additional 1 million bpd output cut. Goldman Sachs expects OPEC not to let oil prices slide too much below $80 per barrel next year and use its pricing power to keep them in the $80-$100 range, the bank said, ahead of the OPEC+ meeting on November 26.

Oil prices continued their decline yesterday by forming a bearish candle with a short tail at the bottom of the candle. The price has even fallen to a low level of 72.36 on the XTIUSD chart FXOpen in Tradingview. Analysts cited the fall in oil prices as data reports showing a month-on-month decline in the processing of oil from Chinese refiners in October, which has also revived concerns about demand, despite an official letter from OPEC earlier this week stating that production of crude oil will increase.

Due to falling oil prices, Bloomberg reported that Russia will cut its crude oil export duties by 5.7% for December
New import duties that began in December were set at the equivalent of $3.37 per barrel or $24.7 per ton, according to Bloomberg.

Meanwhile, Saudi Arabia may extend its cut oil production until 2024 according to Reuters due to Energy Aspects co-founder Amrita Sen as said citing oil prices that are still too high and fundamentals that are still too strong to support a reversal. Oil price yesterday back to decline and is now traded at 76.55

Oil price now traded at 78.01 at the time of writing, oil price rise because both OPEC and the IEA released reports pointing to strengthening global oil demand growth. Currently, oil price is moving close to the lower band which is dynamic support for the bullish market, the price is also close to MA 50 which forms an ascending line.

Oil prices climbed after the market digested an OPEC report showing that demand in the US and China had not fallen to a worrying point. Now oil price traded at 78.42 in the consolidation after reaching a high of 78.53. The markets were also responding to unclear indications from the U.S. Federal Reserve about a potential end to rate hikes, with various investment banks speculating on rate reductions in the next 12 months.

Monday market, the chart looks normal, no gap occurs in the oil market, oil price is now traded at 76.81 and draws retracement. There is news used car market is In turmoil as prices collapse and demand wanes. This news may suggest that there is a decrease in demand for fuel, which may influence oil prices.

Saudi Arabia's Energy Minister accused oil speculators of being behind the recent drop in oil prices, saying they were misreading the oil market. Russia and China are increasing their presence in the Iraqi oil market, taking advantage of reduced US influence in the Middle East and leveraging strategic alliances. Oil prices still traded below 77, although yesterday's price formed high of 77.07 but at the time of writing price at 75.56

Oil prices still continued to decline in yesterday's market, the price drew a new low of 74.90 and now oil price traded at 75.55. According to analyst FXOpen in Tradingview. Oil prices dropped because:
→ first, easing concerns about the escalation of the military conflict in the Middle East and interruptions in the supply of oil produced in the region;
→ secondly, the data from Beijing. While China's crude oil imports rose in volume and value in October, the country's total exports fell 6.4% year on year, more than expected, CNBC reports. This points to a slowdown in demand in a world where central banks in many countries are keeping interest rates high to combat inflation.
Despite the war in the Middle East could cause oil supply disruption, Saudi Arabia and Russia cut oil production, if oil demand is low, the price could decline.

Oil prices continued to decline and recorded a new low of 76.88. Analyst says Oil prices have nearly erased all year-to-date gains as shrinking refining margins signal weaker demand for oil as mixed data from China. However, Oil prices could be entering an oversold zone based on RSI. And rumor Iran has urged OPEC members to halt oil exports to countries supporting Israel. It could have the potential to significantly disrupt global oil supply and prices.

Russian Novatek has dismissed sanctions against its Arctic LNG 2 project imposed by Washington last week as a desperate attempt to keep international gas prices high. Oil prices still steadily move near 80. Even in yesterday's market prices draw doji candles with open prices at 80.79 and closed at 80.79.

Despite many analysts predicting the oil price could move higher by $140$ because escalation war in the Middle East, however, the conflict still can't bring the oil price move higher, even though the price still traded near 80 level prices. However, despite oil prices slumped in the previous week, Russia’s oil and gas revenues jumped in October, according to data from the Russian finance ministry due to a cyclical surge in the profit-based tax, and more than doubled from September to $17.6 billion (1.635 trillion Russian rubles)

Despite yesterday's oil price reaching 83.08, the short position in West Texas Intermediate grew particularly notably last week leading the price decline to a low 80.09. Oil consolidates in this zone. However, despite the oil decline, analysts still believe that an escalation war in the Middle East spread region could make the price rise up $150.

Oil prices still continue to decline in yesterday's market, even oil broke the lower band line and recorded a new low of 80.49. Weakening global economic growth could keep oil prices below $90 per barrel this year. However conflict in the Middle East still becomes a big concern on the next, if war threatens supplies could make prices above $100, Charles Kennedy writes.

Oil still depreciated amid the war between Israel vs Hamas, yesterday oil dropped to a low of 81.52, it is maybe oil demand decreased during the war because of risk. However, expected oil demand rises as a report on October 18 saw figures released showing China’s economy grew by 4.9 percent year on year in Q3. China is the largest oil importer which probably influences oil demand and prices.

The market is very complex, and despite the war could have an impact on the market, sometimes not instant, tension in the Middle East maybe still continue as geopolitics global conflict, Iran wants to drop sanctions on oil to Israel, and Now the US wants to tighten sanction to Iran. As the oil market grapples with the current and potential effects of the Gaza war, a new significant concern has emerged. U.S. sources indicate that the Biden Administration might soon impose stricter sanctions on Iran

Oil price in yesterday's market back record low of 82.35 although still draws a higher low. Analyst says oil dropped because on the day Israel agreed to delay an anticipated ground invasion of Gaza until at least later this week. Meanwhile, In other news, Warren Buffet has expanded his holdings in Occidental Petroleum (OXY) with the purchase of another 3.9 million shares this week, according to a Securities and Exchange Commission regulatory filing.,

Oil prices tried to wake up yesterday, after dropping a low of 81.87 then reversing and recording a high of 85.32. Tension in Middle East still become concern oil markets, Recent news Libya’s Eastern Govt Calls For Oil Export Embargo For Israel Supporters. Libya’s eastern-based House of Representatives (HoR) has called for the immediate exit of ambassadors supporting Israel amid airstrikes on the Gaza Strip and demanded that Libyan oil exports to those same countries be halted.

Oil prices still continued to drop in yesterday's market, with the price record low of 82.75 and crossing the middle band line. Bands line narrowed indicating the market decreased volatility with dynamic support near lower band at roughly 80. Oil prices are under an increasing amount of downward pressure, but geopolitical risk and continued production cuts from OPEC+ have helped to halt a significant drop.