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Oilforecast

Oil Rebounds Despite Weak Demand, OPEC's Optimism DimsOil prices are rebounding following a recent dip, sparked by the International Energy Agency's (IEA) announcement earlier this week, contrasting events from Monday. Monday's decline was largely influenced by the OPEC+ monthly report, hinting at potential price increases. However, sustained crude oil recovery requires further momentum, with a significant catalyst expected by the end of November when OPEC+ convenes to forecast the first half of 2024, potentially indicating further supply cuts. Meanwhile, the U.S. Dollar (USD) is weakening as recent U.S. Consumer Price Index (CPI) reports show declines across all segments, both Core and Headline. This convinces traders that the Fed has likely completed interest rate hikes and may even prioritize faster rate cuts. The higher crude oil prices in response to this reversal, combined with a weaker U.S. Dollar, are driving up black gold prices. At the time of writing, WTI crude oil is trading at $78.33 per barrel, and Brent crude is at $82.87 per barrel.
TVC:USOIL
by Larissa-Trader
1
OPEC Adds 2.5 Million Oil Barrels Per Day OPEC has recently made a significant announcement that they will be adding a staggering 2.5 million oil barrels per day to the global supply. This news couldn't be more opportune for those seeking to capitalize on potential gains. Now, more than ever, we have the chance to position ourselves and make a lasting impact on our trading portfolios. With OPEC's optimistic move, I strongly urge you to consider the idea of going long on oil. By embracing this initiative, we set ourselves up for success and open doors to a plethora of exciting trading prospects. Why should you consider long oil, you ask? Well, the answer lies in OPEC's strategic decision. Their decision to increase output reflects an underlying confidence in the steady surge of global oil demand. As economies rebound and international travel resumes, the upward trajectory of oil prices is not far behind. It's time to hop on board this thrilling wave and ride it towards potential profits! I encourage you to conduct thorough research into the current market trends and gather all the necessary information for making informed long oil trading decisions. Remember, knowledge is power, and armed with the right insights, we can navigate the markets with confidence and conviction. Now is the time for action! Discover the incredible potential OPEC's decision holds and let's embark on this journey together. Get ready to embrace the remarkable trading opportunities that lay ahead as we navigate the exciting realm of long oil.
TVC:USOILLong
by bryandowningqln
OIL price resumes declinehello everyone,The price of oil begins today’s trading with strong negativity, reinforcing expectations of a continuation of the downward trend, and the way is open to achieving our negative targets that start at 75.49 and extend to 73.80. The Stochastic indicator is providing clear negative signals now, to support the proposed bearish trend scenario, which is organized within the bearish channel that appears on the chart, with a reminder that stability below the 77.60 level is important to achieve the proposed goals. Pivot Price: 76.83 Resistance Prices: 79.18 & 80.80& 82.74 support price: 75.49 & 73.80 & 72.12 The general trend expected for today: bearish
TVC:USOILShort
by Evar_Mayi
2
Oil price gets a negative signal The price of oil has been fluctuating sideways since the morning, and therefore, there is no change to the expected bearish trend scenario for today, which mainly targets the 75.49 and then 73.80 levels, with a reminder that breaching 77.83 will stop the expected decline and push the price to try to recover in the intraday term. Pivot Price: 76.83 Resistance Prices: 79.18 & 80.80& 82.74 support price: 75.49 & 73.80 & 72.12 The general trend expected for today: bearish
TVC:USOILShort
by Evar_Mayi
4
BluetonaFX - USOIL Approaching 3 Month LowHi Traders! USOIL is slowly pulling back to its three-month low at 77.68.   Price Action 📊 The market's price action is currently bearish due to a few signs. The market recently had a trendline support momentum break after a very strong uptrend period, which has led to lower highs and lower lows. Finally, the market broke under the 20 EMA and has failed to go back above it for over a week. These signs are pointing to a possible market reversal of the bullish period the market had in August. We are now looking for a continuation down to target the three-month low at 77.68, which is where the bullish period started. Fundamental Analysis 📰 Oil prices have started to dip even after raising tensions in the Middle East, as investors closely monitored the U.S. Federal Reserve’s monetary policy meeting and in anticipation of the US Non-Farm payrolls due out at the end of the trading week this coming Friday. Support 📉 80.35: WEEKLY LOW 77.68: THREE MONTH LOW Resistance 📈 84.67: 20 EMA 85.19: WEEKLY HIGH Risk ⚠️ No more than 2% of your capital. Reward 💰 At least 4% of your capital. Please make sure to click on the like/boost button 🚀 as your support greatly helps. Trade safely and responsibly. BluetonaFX
TVC:USOILShort
by BluetonaFX
5
Oil 4H midday updateThe oil price is showing additional positive trading to gradually approach our first awaited target at 84.12, waiting for this level to be breached to confirm the continued dominance of the upward trend and achieve additional gains up to 85.94. On the other hand, you should be aware that breaking 82.90 will stop the expected rise and force the price to decline again. The general trend expected for today:bullish Pivot Price: 82.90 Resistance Prices: 84.12 & 85.94 & 87.73 support price: 80.95 & 79.73 & 78.21
TVC:USOIL
by Evar_Mayi
Oil price tests supportThe oil price faced negative pressure yesterday to attack the 84.55 level, and we note that the price consolidated above this level to begin offering positive trades at the opening of the day, on its way to building an upward wave that we expect to mainly target the 86.50 and then 88.29 areas. Therefore, we continue to favor the upward trend for the coming period, supported by the positivity of the Stochastic indicator that is clearly visible now, keeping in mind that breaking 84.55 will stop the expected rise and put pressure on the price to conduct an additional downward correction, with its next target reaching 83.21 . Pivot Price: 84.55 Resistance Price: 86.50 & 88.29 & 90.70 Support price: 83.21 & 82.06 & 80.56 The general trend expected for today: bullish
TVC:USOIL
by Evar_Mayi
Oil Prices Plummet as Russia Boosts ExportsTh oil market that might present a potential opportunity for those who are interested in shorting oil. Please note that this opportunity should be approached with caution, as market dynamics can be unpredictable. Over the past few weeks, we have witnessed a significant drop in oil prices, primarily driven by Russia's decision to ramp up its oil exports. As a result, the global oil market is experiencing an increased supply, which has put downward pressure on prices. As of today, oil prices have dipped below the $84 mark, signaling a potential bearish trend. Considering the current situation, it may be prudent to explore the possibility of shorting oil. However, I must emphasize the importance of conducting thorough research and analysis before making any investment decisions. As experienced traders, you understand the importance of managing risks and being prepared for any potential market fluctuations. To assist you in evaluating this opportunity, I recommend closely monitoring Russia's export levels, as well as keeping a close eye on global oil demand and geopolitical developments. Additionally, staying informed about any significant announcements or policy changes from major oil-producing countries will be crucial. As always, it is essential to remember that the oil market can be highly volatile, and timing is of utmost importance. Therefore, I encourage you to exercise caution and carefully assess your risk appetite before engaging in any short positions. Should you decide to explore this opportunity further, I encourage you to consult with your financial advisor or seek professional guidance. They will be able to provide tailored advice based on your individual circumstances and investment goals. In conclusion, the recent drop in oil prices, driven by Russia's increased oil exports, presents a potential opportunity for those interested in shorting oil. However, I urge you to approach this opportunity with caution, conducting thorough research and analysis before making any investment decisions. Remember to stay informed, manage your risks, and seek professional guidance if needed.
TVC:USOILShort
by bryandowningqln
Oil price is recoveringOil price trades rebounded strongly after finding strong support formed by the 50 moving average in front of the recent negative trading, to exceed the 88.79 level and attempt to return to the main ascending channel again, which leads the price to achieve expected gains during the coming sessions, on its way to visit the 90.39 and then 91.56 levels. As major positive stations. Therefore, the upward bias will be likely for today, influenced by the double bottom pattern that appears on the chart, keeping in mind that trading below 88.79 again will put the price under negative pressure targeting testing the 88.79level initially.
TVC:USOILLong
by Evar_Mayi
Oil price analysis in weekly timeBut black gold What is 100% clear and certain for me is that there is no seller in the upper price levels and the price level of $130 is empty of heavy sellers and oil has a target of $138. But until the price reaches 138 dollars, many ups and downs are possible, because the weekly price structure is currently downward and the price has made a PA in the range of 75 dollars. My event is determined by the fluctuations in the price of the red chart. In my opinion, inflammation and big events are happening in the world, which we will witness in these years, and these developments have started from the Middle East. Like a 52 Hz whale whose sound cannot be heard by any other whale. I am watching.
RUS:BR1!Long
by fiftytwohertzwhale
The Unexpected Rise: How Potential USA Sanctions Drive Oil PriceAs I'm sure you are aware, recent developments have led to a rise in oil prices by a staggering $2. The main contributing factors to this increase are the potential imposition of sanctions by the USA and a significant tightening in global supply. This optimistic trend presents a golden opportunity for those looking to make a successful long play in the oil market! Now, this is where your expertise comes into play, dear traders. With all the indicators pointing towards a promising future for oil, I encourage you to consider long positions in your investment strategy. By taking advantage of this upward momentum, you have the chance to capitalize on potentially lucrative gains. So, without further ado, I urge you to kick-start your trading journey, ride the wave of rising prices, and seize this golden opportunity before it passes you by.
TVC:USOIL
by bryandowningqln
Profiting from Oil Price Drops Recent events have led to a significant drop in oil prices, primarily due to the phenomenon known as "demand destruction." I believe this presents an opportune moment for traders like yourself to consider shorting oil and potentially reap substantial gains. Considering the conservative nature of your trading approach, shorting oil could be a prudent strategy to capitalize on this situation. By short selling oil, you can aim to profit from the further decline in oil prices. This approach aligns with a conservative trading philosophy, as it allows you to take advantage of the current market conditions while minimizing potential risks. To maximize your potential gains, I recommend conducting thorough research and analysis before executing any trades. Keep a close eye on global economic indicators, such as GDP growth forecasts, industrial production figures, and travel restrictions. Additionally, monitor geopolitical developments, as they often have a direct impact on oil prices. By staying informed and vigilant, you can make well-informed decisions that align with your trading strategy. I understand that shorting oil may not be suitable for everyone, and each trader has their own risk tolerance and investment goals. However, I believe that the present circumstances present a compelling opportunity for those who are willing to take a calculated risk. In conclusion, the recent oil price drops resulting from demand destruction offer a promising chance to profit from shorting oil. As a conservative trader, this strategy allows you to capitalize on the current market conditions while adhering to your risk management principles. Remember to conduct thorough research, stay informed, and make well-informed decisions aligned with your trading strategy. Should you have any questions or require further assistance, please do not hesitate to comment below. Wishing you success in your trading endeavors
TVC:USOILShort
by bryandowningqln