US Crude Oil 4H : still bullish
USOIL
OUTLOOK
Oil prices soar after the US Energy Information Administration report...
US Energy Information Administration:
- Global oil inventories are expected to decrease by 200 thousand b/d in the fourth quarter of 2023 after Saudi Arabia extended the production cut.
- US crude oil production is expected to rise by 870 thousand b/d to 12.78 million in 2023 (compared to the previously expected increase of 850 thousand b/d).
- The agency raises its expectations for growth in global oil demand in 2023 by 50 thousand barrels per day to 1.81 million barrels.
Daily.
It also reduced its estimates for oil demand growth in 2024 by 250,000 barrels per day to 1.36 million barrels per day.
Technical abstract:
The price perfectly fulfills my las idea and near to our first target .
Now Oil price confirmed the breach of the 88.04 level after closing the daily candle above it, resuming the main upward trend, organized within the ascending channels that appear in the chart above, waiting to visit the 89.50 level as a next stop, noting that breaching this level will push the price to 91.65 as the next main target.
Therefore, we expect to witness further rise during the coming sessions, keeping in mind that breaking 88.04 will stop the positive scenario and put pressure on the price to begin a downward correction in the immediate term before returning to the rise again.
Additionally , today News will affect the market
support line : 88.04 , 84.81
resistance line : 89.50 , 91.65
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
OUTLOOK
Oil prices soar after the US Energy Information Administration report...
US Energy Information Administration:
- Global oil inventories are expected to decrease by 200 thousand b/d in the fourth quarter of 2023 after Saudi Arabia extended the production cut.
- US crude oil production is expected to rise by 870 thousand b/d to 12.78 million in 2023 (compared to the previously expected increase of 850 thousand b/d).
- The agency raises its expectations for growth in global oil demand in 2023 by 50 thousand barrels per day to 1.81 million barrels.
Daily.
It also reduced its estimates for oil demand growth in 2024 by 250,000 barrels per day to 1.36 million barrels per day.
Technical abstract:
The price perfectly fulfills my las idea and near to our first target .
Now Oil price confirmed the breach of the 88.04 level after closing the daily candle above it, resuming the main upward trend, organized within the ascending channels that appear in the chart above, waiting to visit the 89.50 level as a next stop, noting that breaching this level will push the price to 91.65 as the next main target.
Therefore, we expect to witness further rise during the coming sessions, keeping in mind that breaking 88.04 will stop the positive scenario and put pressure on the price to begin a downward correction in the immediate term before returning to the rise again.
Additionally , today News will affect the market
support line : 88.04 , 84.81
resistance line : 89.50 , 91.65
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
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