Monday market open, no gaps seen in the chart, all looks normally. Oil prices still steady move in the range 87 to 90s. JPMorgan’s head of EMEA energy equity research, Christyan Malek, warned markets that the recent Brent price surge could continue upwards to $150 per barrel by 2026.

Oil price hit dynamic support MA line and draws low 88.11 and closed at 89.19. Morgan Stanley said in a note on Thursday, and all signals for crude oil are “flashing tightness,” with prices being supported at current level Meanwhile Money managers are placing the most bullish wagers in more than a year, with many betting that oil prices will soon pass $100 a barrel following a powerful rally triggered by production and export cuts by Saudi Arabia and Russia.

Oil price dropped low 88.76 in yesterday market. Analyst still believe oil price drop because trader taking profit action. Meanwhile the news reporting the U.S. Federal Reserve on Wednesday decided to hold interest rates steady for September, indicating next year may see fewer rate cuts that analysts had earlier anticipated.

Oil price hit new high 92.24 before draws low 90.17. Oil price rising after EIA forecast continued decline US Shale oil uotput. The EIA expects shale oil production in the United States to decline for a third consecutive month in September, dropping to 9.39 million bpd.

Oil price continue rally in yesterday market. Oil hit new high 91.28 based XTIUSD chart FXOpen in Tradingview. According analyst the reason oil strong rally because Saudi Arabia and Russia to extent oil cut proudction. It resulting the tight market amid increasing demand. Goldman Sachs even predict oil price expected hit $107 in 2024.

Oil prices hit higher high in last week market. The oil reached 90.53 and moved near upper band.There are long wick at botom candle in last week market. Belarus has recently shipped diesel and gasoline to Russia, as requested by Moscow, and is ready to further increase supplies if needed, Belarusian President Alexander Lukashenko, a close ally of Putin,

Oil price record new high in yesterday market at 90.18, the price jumped from low 88.03. Oil price strong rally with reason OPEC+ production cuts indicates the tighter market is coming. While ECB in yesterday market shocking the market with hike interest rate 25 basis point and bring interest rate be 4%. Rate hike make prices higher volatile yesterday.

Oil prices yesterday hit new high 88.98 and pullback to near opening price and draws doji candle. International Energy Agency (EIA) expected oil price volatility to surge as result of the recent OPEC+ supply cuts.According to the Agency, the loss of OPEC+ supply from September onwards will drive a significant supply shortfall.

Eventually oil prices break high and draws new higher high 88.71 in yesterday market.
The price increases come as OPEC+ heavyweights Saudi Arabia and Russia extended their voluntary production cuts in an effort to balance the markets—and to make good on Mohammed bin Salman’s threat to punish short sellers and oil speculators who dare to bet against crude oil

Oil prices still traded in trading range in last three days, yesterday oil draws high 87.60 and low 86.20 and close near opening price.
At the G20 summit in India this weekend, the U.S., India, Saudi Arabia and the UEA announced a new trade route that intends to connect India to the Middle East and Europe, with ports and rail, in a direct challenge to China’s Belt and Road ambitions.

Tipically oil prices still traded in the range 87.53 and 84.54, although the Goldman Sachs predict the oil price could reach $107 in 2024.
Hot news Guyana is expected to pump 1.2 million barrels of crude oil per day by 2027, surpassing many OPEC members, driven by Exxon's development of the Stabroek Block

Oil price fail to break high 87.53 and pullback to low near 86 level prices. Oil price again draw higher low but still not yet break previous high. According Goldman Sachs, they believes if oil price could hit $107 in 2024 if OPEC+ mainly Saudi Arabia and Russia does not reverse to cut production.Goldman Sachs believes oil prices could hit $107 next year if Russia and Saudi Arabia maintain their production cuts.

Oil price still formed lower high but not break previuous high in yesterday market.Current price is 87 with potential rise to break previous high 87.54.,BRICS group now potentially becomes new rivals G7 member. With the addition of all three new members, the BRICS group would control around 41 percent of all global oil production.

Oil prices continue rising high yesterday and draw new high 87.52 since April. According analyst Oil prices jumped dramatically on Tuesday morning as Saudi Arabia announced it would extend its production cuts until the end of the year and Russia announced it would extend its export cuts of 300,000 bpd for the same period. Oil price now entering overbought zone based RSI.

Oil price traded near upper band line, consolidated near 85 level price after strong rally last week.
As refineries prepare for end-of-summer maintenance, oil traders expect to see supply tightness easing in the coming two months.

Bloomberd survey shows Crude oil production from the OPEC alliance actually climbed in August by 40,000 bpd. Saudi Arabia’s output may have fallen in August by 170,000 bpd, according to the survey, but Nigeria and Iran’s production increased, largely offsetting Saudi Arabia’s cuts. Overall, the group produced 27.82 million barrels per day in August. Oil price rose higher last week and draw new high 85.50

The Sun not always bright lighting the earth, soimetimes the cloud covered the light.
Oil price continue bullish in yesterday market and hit high 83.19. The commodity experts have predicted Brent crude will average $82.45 a barrel in 2023. And Saudi Arabia is likely to extend its voluntary 1 million-barrel oil supply cut for the third consecutive month into October amid uncertainty about supplies.

Oil price still rose in yesterday market and record high 81.79 with potential resistance near upper band line.
Bloomberg has predicted that global demand for road fuel will continue to grow for only four more years, with demand peaking in 2027 at 49 million barrels per day before entering terminal decline.

After consolidated near the MA line, eventually oil price rose higher and crosses middle band. According analyst Oilprice, the oil price rose higher because surprise crash in crude Inventories. The American Petroleum Institute (API) has reported a massive 11.486-million-barrel draw in U.S. crude inventories, compared with the previous week's 2.418-million-barrel draw as the markets weigh China's economic activity against U.S. crude inventories.

Hot news in recent days, BRICS will add new member set later in January 2024. in the summit BRICS 15th in Johannesburg South Africa last week, they announced the admission of six members, it is Iran, Saudi Arabia, Egypt, Ethiopia, Argentina and UAE formally join in the group jaunuary 1 2024. This group cpuld be real counterweight to western dominated G-7. Oil market yesterday consolidated near middle band line.

India the world’s third-largest crude importer, although the country raised cheaoer Russian oil but the minister of Petroleum and Natural Gas, Hardeep Singh Puri says they not to be overly dependent Russian oil. "India doesn’t get over dependent on anyone". said Singh Puri in CNBC.
Oil price last week is wavy, the price drop low 78.04 ad rise to 80.18 in three hours.

Saudi Arabia, UAE and Iran as well as Argentina, Egypt and Ethiopia have received an invitation by the 5-nation BRICS organization to join the bloc at its ongoing summit in Johannesburg, South Africa. BRICS is an acronym denoting the emerging national economies of Brazil, Russia, India, China and South Africa. Oil price consolidated near middle band now

rainlover:
I thought fxcandles is a bot 🤔

Oil price extent bearish in yesterday market, here we can see the oil formed bearish candle and figure low 79.40 and high 80.30 despite still becomes higher low compare low in August 17. Oil market could in previous trading range.
Nigeria's oil production plunge 15.5% in July. Oil production in Nigeria slumped by 15.5% in July from June, marking the third month-on-month decline since April, according to data from Nigerian Upstream Petroleum Regulatory Commission (NUPRC)

Yedterday oil price hit the high 81.66 but eventually back and cross middle band line and hit low 79.91. Seems oil prices consolidating near the MA line. The US now still becomes the first country with highest consumption with 19.140.000 bpd, then China 14.295.000 bpd based report if Oilprice according data 2022.

Monday market has come, last week oil price closed at 80.58 and formed bullish candle. Oil price consolidated now near middle band line.
There Bad news from The Representatives for the Nigeria Extractive Industries Transparency Initiative (NEITI) says in forum, according the news Nigeria Has Lost $46 Billion Worth Of Crude Oil To Theft.

Oil price rebounded to high 80.59 after dropped low 78.58. This week, India and the UAE closed an oil deal in rupees for the first time ever. Indian Oil Corp. bought a million barrels of oil from Abu Dhabi National Oil Company in a dollar-free transaction.

Oil price heavily dropped to low 78.68 from high 80.96 in yesterday market. According analyst Oil price slighly decline after Energy Information Administration (EIA) reported an inventory decline 6 million barrels for the week August 11.

Central Bank Russia hikes interest rate from 8.5% to 12% in emergency decision, oil market in yesterday price dropped to low 79.98 from high 82.35, even the price cross MA 20.

Analyst Bob McNally, President at Rapidan Energy says oil price hitting $100 per barrel is “entirely possible, Oil prices traded slightly lower on Monday as China’s economic recovery continued to disappoint while the U.S. dollar strengthened.

Russian oil export remained stead as revenuews rose in July. Oil price traded near 82 level of prices consolidated afer hit high 84.30.

Oil price dropped low 82.17 from high 84.30 on yesterday market. Oil price fail to extend bullish and get rejected near high 84.30. OPEC said in its Monthly Oil Market Report on Thursday robust demand US hurricane season could tighten the oil market the Atlantic Basin in coming week

Oil price moved higher on yesterday market record high 84.08 near high in mid April 84.53. Platts survey showed OPEC+ oil output slumps to two years low. OPEC’s oil production from all 13 members stood at 27.34 million bpd in July, down by 890,000 bpd compared to June. The non-OPEC allies saw their output at 13.06 million bpd, basically flat month on month, as Russian output remained almost unchanged, according to the survey. The July production of OPEC+, at 40.40 million bpd, was down by 940,000 bpd compared to June.