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Crude oil analysis – February 21, 2024

Technical levels and factors on Brent discussed in this article, ahead of the publication of global PMIs and crude inventories data, which could provide catalyst for a potential breakout.

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February 21, 2024 10:30 AM
Energy

Crude oil outlook: WTI could reach $80

Factors that oil investors will be focusing on this week are discussed in this article, but in short, the risks remained skewed to upside despite despite choppy recent price action.

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February 19, 2024 10:30 AM

Crude oil bulls eyeing key support following largest three-day plunge in months

Crude oil finished last week nursing its largest three-day decline since October, sliding 7.1% despite escalating geopolitical tensions. But with US and UK forces bombing Iranian-backed militia targets in Yemen, Iraq and Syria over the weekend, grounds for a bounce may be increasing.

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February 4, 2024 05:58 PM

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Oil drilling in sea

Crude oil outlook: WTI plunges on Gaza ceasefire news, China concerns

Crude oil plunges, but Middle East tensions still remain high despite potential ceasefire between Israel and Hamas. IMF raises global GDP forecasts as US economy again displays resilience, as evidence by a robust jobs report. But China remains a concern.

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February 4, 2024 03:00 AM
Energy

WTI technical analysis: Crude oil turns positive - Technical Tuesday

Crude oil is already supported on raised geopolitical risks but now we also have improved demand outlook, after the IMF raised its global GDP forecasts thanks to a resilient US economy and fiscal support from China.

Energy

Unseasonal inventory plunge has crude oil bulls eyeing upside

Traders have been searching for evidence of market tightness in crude oil for months, wondering when production and export cuts from OPEC and Russia would filter through to visible inventories. Perhaps they just found it.

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January 24, 2024 09:19 PM
Oil drilling in sea

Crude oil outlook boosted by geopolitics and easing demand fears

Crude oil outlook boosted by Middle East conflict while strengthening data reduces demand fears. The US attacks on targeted "Iran-affiliated groups" in Iraq have been condemned as "contributing to a reckless escalation" in the crisis. WTI technical levels to watch include $75 on the downside now.

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January 24, 2024 12:00 PM
Oil drilling in sea

Crude oil analysis: WTI extends rise for fifth day

Crude oil analysis: Macro environment for oil remains bullish as crude oil technical analysis suggest WTI could rise to test the key $75 level. Meanwhile, as bullish momentum is gathering pace, this is making oil less and less appealing for the bears.

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December 19, 2023 01:00 PM
Energy

WTI technical analysis: Crude oil extends recovery on Red Sea attacks

After last week’s hammer candle, today’s upside follow through would appease the bulls. Crude oil prices turned sharply higher after BP paused all Red Sea oil shipments following the rebel attacks. WTI has likely formed a bottom after bouncing from its 200-week average last week.

Energy

WTI analysis: Crude oil seeking a bottom

In this article, we discuss the factors drove the significant drop in prices and explain why further downside could be limited for crude oil. WTI technical analysis suggests $70 is among key support levels to watch

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December 11, 2023 11:20 AM
Oil rig on an grey day

Crude oil analysis: WTI sinks further below $70

Crude prices remain on a slippery slope after the OPEC+ failed to impressive with their voluntary output cuts last week. From Thursday’s high point, oil prices have now fallen about 12% so far. On Wednesday, brent dropped below $75 and WTI took out $70, with both contracts falling in excessive 3.5% each on the day.

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December 6, 2023 01:00 PM
Research

FTSE and crude oil analysis: Will rebound in oil finally lift UK index?

Can rebounding oil prices fuel rally in energy stocks like BP and Shell? FTSE technical analysis hints at potential recovery for UK index. Meanwhile, Brent crude oil rises above 200-day average ahead of OPEC meeting.

Energy

Crude oil analysis: WTI off lows as focus turns to OPEC+ meeting

Crude oil analysis: Investors await OPEC+ meeting on Nov 30. We expect rollover of Saudi and Russia cuts, which could help to support prices. WTI needs an interim higher high above $77.60-$78.50 to signal trend reversal after intense selling over the past several weeks.

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November 27, 2023 11:30 AM
Oil rig in the sea

Crude oil outlook remains positive despite drop

Crude oil prices have fallen back at the start of the new week, with Brent shedding over 3% and WTI losing 2.3% at the time of writing. In other words, oil prices haven’t moved further higher despite Israel’s increased military operation in Gaza. But prices could easily bounce back as I will discuss in this article.

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October 30, 2023 12:07 PM
Oil rig on an grey day

Crude oil outlook remains bullish despite recent weakness

Crude oil outlook boosted above all by OPEC+ supply cuts/ Supply fears re Middle East could intensify again. Oil prices are demand inelastic, which means downside should be limited from fears about weakening global economy.

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How to trade and invest in nuclear fusion stocks

Nuclear fusion stocks are a growing area of interest as scientific breakthroughs continue to boost the sector. Let’s take a look at how traders can get exposure to the trend.

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October 18, 2023 09:35 AM
Oil rig in the sea

Crude oil outlook: WTI could rise further as traders eye MidEast situation

Following the 5% rise on Friday, crude oil prices gave back some of those gains on Monday. However, this could be a temporary respite before oil prices rise again.

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October 16, 2023 01:00 PM

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Oil refinery

Gold, WTI crude oil: Buy on dips until a de-escalation in Israeli-Hamas conflict

Given how quickly sentiment can change and the level of risk we’re confronted with, it’s difficult to see crude and gold being anything other than buy-on-dips prospects until we see a de-escalation of hostilities.

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October 15, 2023 11:02 PM

Crude oil, gold surge as geopolitical risk premium priced in

Crude oil and gold prices have spiked in response to renewed conflict in the Middle East, helping to partially reverse ugly declines recorded last week.

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October 8, 2023 09:26 PM
Oil rig in the sea

WTI analysis: Crude oil in spotlight – Technical Tuesday

Investors’ focus will remain on oil prices after their recent sharp gains amid the ongoing supply cuts by the OPEC and allies, and in light of today’s bullish reversal. Owing to concerns over a crude supply deficit, there is a good chance we could see oil prices climb above $100 and thus stoke inflationary worries further.

Energy

Crude oil: WTI correction a healthy development for longevity of the bullish trend

The pullback in crude oil could be deemed a healthy development, correcting an unsustainable, one-sided trade which left the contract overbought and over-loved.

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October 2, 2023 08:05 PM
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Crude oil: risk-laden week and bullish sentiment pose a threat to fresh longs

A decent pullback in crude oil is not a stretch given how lopsided near-term sentiment and positioning appears to be.

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September 18, 2023 08:02 PM
Oil refinery

Crude oil looking fatigued after its breakneck run higher

But with fundamentals underpinning the rally, near-term weakness will provide an opportunity to add or establish fresh longs.

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September 6, 2023 07:53 PM