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Brentoil

Breaking: The OPEC report is issuedOPEC monthly report was issued a few minutes ago, and the report was not positive for OPEC+ and the oil-producing countries within the group, led by Saudi Arabia. OPEC kept its forecast for oil demand in 2021 unchanged at an increase of 6 million barrels per day, bringing the average to 96.6 million barrels per day, and also kept its forecast for the growth of oil demands in 2022 by 3.3 million barrels per day, bringing the average production to 99.86 million barrels per day. While OPEC+ raised its expectations for an increase in the production of oil-producing countries outside the group by 840 thousand barrels per day, to reach an increase of 2.9 million barrels per day, with a total average of 66.9 million barrels per day in 2022. It also raised its forecast for the production growth of oil-producing countries outside the group in 2021 by 270,000 barrels per day to reach 1.1 million barrels per day, with a total average of 64 million barrels per day.
TVC:UKOIL
by basembitar
Brent oil stays on the way to $76.25 despite recent pullbackBrent oil prices ease from the two-week top during early Friday. However, the British oil benchmark holds onto the three-week-old resistance breakout, marked the previous day. Given the firmer oscillators offering additional signals for upside momentum, a monthly horizontal area surrounding $76.25 is up for a challenge. However, any further advances become doubtful, which if portrayed could refresh the yearly top, currently surrounding $78.45, by rising towards the $80.00 psychological magnet. Meanwhile, a daily closing below the resistance-turned-support line around $74.50 will redirect sellers toward the $72.50 and then to May’s high near $70.40. It should be noted, however, that the quote’s weakness past $70.40 will be challenged by the $70.00 round figure. If at all the Brent oil bears refrain from respecting the $70.00 mark, a convergence of 100-DMA and an ascending support line from March 23, near $69.75, will be crucial to observe.
TVC:UKOILLong
by MTradingGlobal
Does oil affect Bitcoin? Ans: Yes, but marginally related! Dear traders: U.S. oil drops as much as 8% to below $70 as OPEC prepares to boost production. Whenever oil prices crash, the digital economy destabilizes. it seems reasonable that the two (Oil, BTC) assets’ price movements would only be marginally related: why? 1- oil is becoming ever more connected with the demand side of the global economy (demand: China. Production: Iraq, Iran, Saudi Arabia...) . 2- Bitcoin was originally developed (partly) as a response to the US government's manipulation of the money supply (United States). The production of oil has become greater in recent years and the availability of an increasing supply of oil puts downward pressure on the commodity. In contrast, Bitcoin’s supply is fixed. It will never have ups and downs in discovery of new product. This certainty explains perhaps some of the divergence between the two prices at certain times. Source: www.swissbullion.eu
TVC:UKOIL
by BTC-XLM
Brent oil battles 100-DMA to keep bounce off key support lineBrent oil buyers jostle with 100-DMA while extending the previous day’s rebound from a two-month low, not to forget an ascending support line from late March. Given the RSI recovery from the oversold region, coupled with the bounce off the key support line, the commodity prices may extend the latest upside beyond the immediate DMA hurdle of above $69.00. However, the $70.00 threshold and May’s high $70.40, followed by March’s top surrounding $72.00, could challenge the oil bulls from time to time. On the contrary, a daily closing below the stated support line, near $68.70, will aim for 61.8% Fibonacci retracement of March–June advances close to $67.30. If at all the Brent bears remain dominant past $67.30, May’s bottom surrounding $64.65 becomes crucial support as it holds the key to the further downside towards the March month’s low of $60.44. Overall, oil prices tease key technical juncture and hence today’s closing will be important to watch.
TVC:UKOILLong
by MTradingGlobal
USOIL, let's check the big perspective Today we will take a look at the weekly chart of USOIL. Here we will not analyze short-term movements; of course, we will be thinking about the possible paths we can see in the future for the commodity using several months as the main reference. The price is getting close to a major resistance zone where we have observed huge bearish movements in the past—30% decline in July 2006 and a 45% decline in October 2018. However, we should also think about the idea that the price breaks this resistance zone. What should we do there? If the price breaks the resistance zone, we have a clear scenario in the past that we can use as a reference (MAY 2010). The idea here is to wait for a clear breakout and then a retest of the resistance zone. We will have a clear correction to trade towards the next resistance zone at 110USD per barrel if that happens. The main concept in this post is showing that one-sided analysis tends to fail because NOBODY knows what the price will make. However, we can get ready for two or three scenarios in the future and wait for those conditions to happen. And if your filters are not fulfilled, don't worry; you have more than 5000 assets on Tradingview to keep looking for great opportunities. Thanks for reading, and feel free to share your view in the comments!
TVC:USOIL
by ThinkingAntsOk
11
Brent oil buyers remain hopeful inside five-week-old channelAlthough the weekly falling trend line probes Brent oil buyers of late, the commodity prices remain inside an ascending trend channel from May 27, not to forget staying beyond 100-SMA. The same joins an upbeat RSI line to keep buyers directed towards an immediate resistance line of $76.00. However, any further upside will be questioned by the stated channel’s upper line, close to $77.50. In a case where the oil bulls remain dominant past $77.50, the late October peak surrounding $78.00 may test the rally targeting the $80.00 psychological magnet. Meanwhile, pullback moves become less concerned until staying beyond the 100-SMA level of $74.10, needless to mention the channel support of $74.50. Also acting as a downside filter is the $74.00 mark, a break of which will make the quote vulnerable to decline towards the mid-June lows near $72.00. It’s worth noting that Thursday’s US ISM Manufacturing PMI and Friday’s US NFP, not to forget Thursday’s OPEC+ meeting, become the key events for energy traders.
TVC:UKOILLong
by MTradingGlobal
The demand is back.The world today is facing a new era, from normal life to pandemic era. Since that the vaccination around the world is in progress, the demand of logistic is back in tracks. Oil demand will be in the right place, right moment to bullish trade. Foresee that tourism will be coming soon.. expected will be back on this end of year. When everybody is vaccinated, they will go to take a vacation... The airport lanes will back busy, airport chimes will busy.. and the planes are back to fly.. the oil demand is more needed. The bulls will back busy rather than the bear trades..
CAPITALCOM:OIL_BRENTLong
by SL-Trades