Crude oil price trend analysis, easily make money for you
Although OPEC+, an organization of oil-producing countries, has extended production cuts, the market remains wary of crude oil demand. Oil prices closed down more than 1% on Friday, with Brent crude oil falling by 1.69% this week and WTI crude oil falling by 2.46% this week.
Brent crude oil futures closed down $0.91, or 1.10%, to $82.05 per barrel. This week’s cumulative decline was 1.69%, and the one-week volatility was the lowest since September 2021.
WTI crude oil futures closed down $1.08, or nearly 1.37%, to $77.84 per barrel. It fell by 2.46% this week.
Supply remains tight due to slower exports due to OPEC production cuts and Russian production cuts, but demand in some countries appears to be lagging, while demand in the U.S. driving season has yet to kick off.
On the supply side, OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil production cuts of 2.2 million barrels per day into the second quarter.
That provided additional support to the market amid concerns about global economic growth and rising production outside the group.
Crude oil continued to fluctuate this week, and the overall trend was a small dip and recovery.
My suggestion: go long at low prices, go long around $77.5
Tp 78.5
SL 77
Listen to my signal and advocate seeking victory in stability and not making rash advances.
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