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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.

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.