West Texas Intermediate crude oil has increased nearly 20% since the start of 2024 and is currently trading near $86.50 per barrel. The precarious situation in the Red Sea, production cuts by OPEC (and its allies), and the inability of the United States to bring more production online fast enough have greatly contributed to the rising oil prices in the past four...
West Texas Intermediate crude oil continues to trade within the upward-sloping channel. However, its bullish trend remains weak, as reflected in the relatively low (but growing) value of ADX (on the daily time frame). In the past two trading sessions, the daily RSI continued to flatten, Stochastic turned lower, and MACD performed a bearish crossover while staying...
In the past few days, USOIL constituted a new low below 73$, marking a 43% decline from its peak a few months earlier. This move came amid our bearish expectations for oil and forecast for lower prices. We continue to stick to this call altogether with our price target at 70$, which was updated recently to a short-term price target (from medium-term). Our views...
West Texas Intermediate oil (#WTI) on the verge of collapse