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.

Forex market movement is dynamic, yesterday oil price dropped to low 79.63 and close at 82.30 so it seem long wick formed in the body candle. According analyst, the bearish market yesterday triggering by China news data that show negative impact to oil price. Overseas exports of Chinese goods have recorded the worst month-on-month decline since February 2020 last month, down 14.5% in dollar terms. China’s crude imports have followed suit and decreased by 19% month-on-month to 10.3 million b/d.

Oil prices traded near previous range market. Oil price now traded at 82.05. India’s oil consumption jumped by 10% year on year in the fiscal year 2022/2023 ended on March 31, and demand has been growing in the new financial year, too.

Oil price today 82.56 on XTIUSD chart FXOpen. Small gap seen in low timeframe M5 , the price jumped 82.31 from 82.15.
There is new survey by Argus stated OPEC’s Production Drops More Than 1 Million Bpd In July.

Oil price rebound after reach MA line dynamic support. Yesterday bullish candle formed with higher low. Oil price rise because hedge fund boost bullish bet on oil market. Meanwhile Russia to cut oil export by 300k BPD on September.

Oil price dropped from high 82.15 to low 78.83 on yesterday market.analyst Oilprice writing oil decline after the Energy Information Administration confirmed the substantial inventory draw estimated by the American Petroleum Institute on Tuesday
However IMF downgrading Saudi Arabia growth from 3.2% to only 1.9% maybe gets response in the oil market too.

Oil prices still forming lower high and higher high which means still in bullish sentiment on yesterday market. In the Bloomberg survey state OPEC production falls by most of three years. Will oil price back to reach 84.53 as high April still in questionable

Oil price still continue rally on yesterday market, even oil price draws the highest since May. According Goldman Sachs, China has role as biggest driver oil price rally. Meanwhile IMF downgrade Saudi Arabia projection growth from 3.2% to 1.9% maybe gets various response from the market.

Oil price set new high 80.50 in Friday market since May. OPEC + cut oil production may impacted into oil market.
However IMFdowngrading projection to Saudi Arabia growth from 3.2% to 1.9%

The Fed raising interest rate 0.25% to as much as 5.5%, the highest level in 22 years. Oil price on yesterday still continue bullish hit high 80.39. Far different with gold and another pair that get pressure from strentghening of USD.

Saudi Arabia likely to extend oil production cuts.Six participants in a Bloomberg survey have predicted the Saudis will taper off their extra cut by restoring 250,000-500,000 barrels a day of halted production in September. Oil prices in Yesterday still in previous range, high 79.59 and low 78.40

Oil price continue bullish on yesterday market, there are some reason besides oil cut production also the IMF raised its 2023 global growth estimates based on promising economic activity in Q1. For 2023, the IMF is now estimating a 3% GDP growth—up 0.2 percentage points from its forecast published in April.

Oil price climbing higher on yesterday market, oil price hit 79.16 because market tightens according analyst, OPEC cut oil production still gives impact. FOMC news becomes concern in this week. U.S. Fed is expected to raise rates yet again. FOMC news could gives impact into oil price later.

The energy minister of the United Arab Emirates (UAE) Suhail al-Mazrouei, says the current moves of OPEC+ to cut oil production are enough to support the market. oil price now traded in the bulls sentiment above moving averages 20 days in daily timeframe.

Russian oil and gas revenue May jump by 60% in July. Russia's revenue from oil and gas sales may increase by around 60% in July from May receipts to 844 billion roubles ($9.3 billion), Oil prices traded near 75 level prices, the prices fail to reach MA line.

China oil import hit new high. China is importing oil at near-record levels while its domestic product has also increased. China’s oil imports in June jumped 45.3 percent on the year to the second-highest monthly figure on record, with refiners building up inventories despite weak domestic demand. Oil imports in June totaled 12.67 million barrels per day–a sharp increase from a year ago. Oil price declined on yesterday market, the oil price dropped from yesterday's high 76.81 to low 75.00

The UK has launched a competition for small modular reactor technology and created a new nuclear body.
Russia’s crude oil exports by sea fell to 3.1 million barrels per day (bpd) on a four-week average basis in the four weeks to July 16, down by 105,000 bpd from the four-week average to the previous four weeks to July 9.
Oil price jumped from low 73.79 into high 75.85

Kuwait as one OPEC member aims to elevate its oil production capacity from 2.7 million to 3.15 million bpd within four years.
Oil price continue dropped now near 74.04. MA lie could be dynamic support in the uptrend market.

Russia to preparing export less oil in August. Russia would by 500,000 bpd in August in a bid to ensure a balanced market, and the reduction in exports would come from a further 500,000-bpd cut in oil production.
Oil price now traded at 74.76 face decline on end days last week market, small gap occurs on oil price today. Open price below previous close price of candlestick.

OPEC’s expectation for this year’s oil demand is an upward revision of 100,000 bpd from last month’s forecast.
Oil price continue bullish and formed new high 77.13,

Oil price continues to rise and reach high 75.90 on yesterday market. OPEC + cut production mainly Saudi Arabia still becomes reason behind soaring oil price. In 17 April based on chart histories oil price record high 84.53.

Oil price rally and hit a high 74.82 on yesterday market. According Goldman Sachs' Jeff Currie, OPEC+ cut oil production beginning impact into oil market, and China's demand back into 15.9 million barrels per day, time spreads are tightening.
Oil price break upper band line gives sign the market increasing volatility.

Analyst says Saudi Arabia voluntary cut oil production are projected to reduce its economic growth to 2.1% this year.

Oil prices on yesterday hit a high 74 but and back to consolidated near upper band line with possible resistance 74 and support 72.50 target in near term.

Venezuela looks to pay down $20 Billion In U.S. debt with oil exports. The opposition party in Venezuela is working up a proposal that would see 200,000 barrels of crude oil per day exported to a trustee, who would then pay creditors who have laid claim on various Venezuelan assets abroad.
Oil price eventually break upper band line and climbing above 73 level price. OPEC member Saudi Arabia to extent production cut becomes reason behind the oil price rising.