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Brentcrudeoil

Brent: Knock, Knock!After it has knocked at the resistance line at $112.43 already twice, we expect Brent to rise above this mark and into the white zone between $113.88 and $123.14 to finish wave (2) in white. Afterwards, Brent should fall below the support lines at $104.67 and $97.56. There is a 28% chance, though, that Brent could soar through the white zone and climb above the resistance at $123.71 until the bottom of the pink zone between $133.80 and $137.40 first before moving downwards.
TVC:UKOIL
by MarketIntel
Oil After Saudi Hikes Crude PricesBrent crude futures were trading at around $121 a barrel on Monday, after Saudi Arabia raised its oil prices for July. The country's official selling price for light crude was also raised. While it kept the premium for US barrels steady, it also raised prices for other products . The gains were largely due to last week's decision by the Organization of Petroleum Exporting Countries (OPEC+) to increase its output by about 600,000 barrels per day in July and August. However, markets are still questioning the group's ability to meet the demand. At a time when the US is experiencing a spike in demand, China's easing of its Covid lockdowns is also helping to boost oil consumption. As the US looks to increase the supply of crude oil to make up for the loss of Russian supplies, some traders noted that tUS might allow more Venezuelan and Iranian oil to be imported.
TVC:UKOIL
by bbitar
Oil prices to continue to rise?Last week's news headline, "OPEC sticks to production plan as high oil prices boost economy". We could almost say oil is a necessity in our daily lives. For transport, for heating in cold countries. Although we face high inflation, and a possible recession, would we expect oil to hit a point of demand destruction? At this point, I doubt so. So there is a real possibility of oil prices hitting the high again. Technical analysis wise, I am seeing a higher low into resistance. On 18-19 April, it printed a head and shoulders at resistance on the 4H chart before heading back down to re-test the dynamic support, or the upward trendline. Expecting price to consolidate for a while at this area.
OANDA:BCOUSDLong
by geneAnalytics
Brent: GlueyBrent is currently glued to the resistance at $114.74, where it has finished wave b in blue. However, we expect it to let go of this mark soon to fall into the turquoise zone between $101.67 and $99.83. There, it should complete wave a in turquoise and move back above $104.67 afterwards to finish wave b in turquoise. After that is settled, Brent should gradually fall below the support lines at $104.67, $97.56 and $93.57. There is a 40% chance, though, that Brent could climb above $114.74 and make a detour through the green zone between $117.78 and $133.52 first before moving downwards.
TVC:UKOIL
by MarketIntel
2
Brent: Parking Assistant 🚗Beep beep, beepbeepbeep, beebeepbeepbeepbeeeeeep Brent seems to have afforded a parking assistant, judging by the neat way in which it has entered our white zone between $106.12 and $99.47 to finish wave c in blue and wave (B) in white. We expect it to turn around soon and to head for the next parking lot above $114.74, the green zone between $117.78 and $133.52. After Brent has completed wave B in green and wave (C) in white there, it should turn again and home in on the support at $97.56.
TVC:UKOILLong
by MarketIntel
1
UKOIL LONG - Buy Entry - H4 ChartUKOIL LONG - Buy Entry - H4 Chart Buy @ Market Symbol: UKOIL BrentOil Timeframe: H4 Type: BUY Entry Price: Buy @ Market Resistance @ 117.209 Resistance @ 114.778 Resistance @ 111.456 Support @ 105.692 Support @ 104.437 ✅ If you liked this analysis, please consider Following and giving it a Thumbs Up 👍 ✅ If you have any feedback or questions, please leave a comment below as I answer each comment 💬 ✅ Wishing you enjoyable successful trading 🙏
ULong
by UnknownUnicorn35780991
Brent: Watch Your Head! 🤕Brent has been climbing and climbing and climbing and has actually maxed out the space until $114.74. There, it has finished wave (A) in white, butting its head at the resistance line, and subsequently turned around to move downwards. We expect Brent to drop into the green zone between $106.12 and $99.47 to recover and to complete wave (B) in white. Then, it should start to rise again, breaking through the resistance at $114.74 this time. After finishing wave (C) in white as well as wave B in green, ideally in the lower third of the green zone between $117.78 and $133.52, Brent should turn again, heading in the direction of $97.56.
TVC:UKOIL
by MarketIntel
1
Brent oil price to remain elevated in range 84 - 90Hello traders, As predicted earlier, with OPEC+ increasing supply from the beginning of 2022, the price for oil rose up and above 85. Upside trend has taken a pause or in technical terms "retracement" or "consolidation" after a strong up momentum. As we can see in 4hrs charts upward momentum from 77 levels till 91. Now we will see prices move in range 84.5 - 89.5 for some time before it hikes to 100 levels. Brent oil outlook for now and for next two months is not good for oil importing countries. Reasons: 1. Increase in supply by OPEC+ and Shale gas producers cannot keep up with the demand. 2. Geo-political issue with Ukraine, Russia and NATO group of countries. 3. Frequent extreme weather is undermining the global supply chain making commodities expensive. Happy trading,
FX_IDC:USDBRO
by HerschelleGirnari
Let’s not be surprised to see oil price rising above 85From the beginning of next year, OPEC+ countries are to increase crude oil production as discussed in OPEC+ meeting. It is good news for oil importing countries because supply will overcome demand and therefore price for Crude oil will fall. In theory, it is correct but when we look at charts of Brent oil to USD, it tells us a different story. After the fear of Omicron variant COVID-19 receded, oil prices immediately increased and broke through strong resistance of 76 levels, which I wasn't expecting to happen but later I realized the factor affecting oil prices is the increasing demand for oil by oil importing countries. Well, it would be a good idea to stick to a long position and buy on every dips for the next couple of months until oil supply is fully restored by both, OPEC+ and US shale oil producers. Disclaimer : Above idea is what I think can happen and not a recommendation or advice to buy/sell. Good luck.
FX_IDC:USDBROLong
by HerschelleGirnari
Brent Crude Prices May Soon Return to $80After a drop to $69.28 per barrel Brent crude prices quickly rebounded to the upside on Wednesday touching $74.57. And there are several fundamental and technical reasons for it.First, gas prices in Europe skyrocketed to $180 per MWh for ICE Dutch TTF January gas futures on Tuesday, or by 22.7% in a single day. This lift off of gas prices also pushed crude prices up as high gas prices are forcing consumers to move to alternative fuels, including various petroleum products. The International Energy Agency (IEA) has reported that record high gas prices would increase oil demand by 500,000 bpd throughout Q1 2022, while the American Petroleum Institute (API) reported weekly crude stocks in the United States dropped by 3.67 million barrels, well above expected 2.63 million. Distillate stocks were down by 849,000 barrels and gasoline inventories were up by 3.7 million barrels.  According to the forecasts the Energy information Administration (EIA) is expected to officially report crude oil inventories to be down by 2.750 barrels. Technically, Brent crude prices are within the ABC correction, where the decline from $86.70 per barrel to $65.72 created wave A. Now we have wave B that is usually in a form of a zigzag. The first part of this zigzag was the rise of Brent crude prices from $65.72 to $76.70 per barrel. The second part strongly correlates with the first one and could be at 61.8% of its length or the same as the first one. Mathematically that would mean a potential for Brent crude prices to recover to $76.06 per barrel, or even to $80.26 per barrel. However, the correction might not be over yet as Brent crude prices haven’t fell below 61.8% of the previous rise from $65.72 to $76.70 per barrel. Goldman Sachs oil may hit $100 per barrel over the next two years as the demand for oil continues to grow above existing record levels. However, a moderate expectation from Goldman Sachs suggests that average crude prices are likely to remain around $85 per barrel by the end of 2023.
OLong
by scavoanastasiia