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Crude Oil Price Declines Further Crude oil price is declining and remains at a risk of more losses below $75. Important Takeaways for Oil · Crude oil price started a fresh decline below the $80 support zone. · There is a major bearish trend line forming with resistance near $76.65 on the hourly chart of XTI/USD. Oil Price Technical Analysis Crude oil price also started a fresh decline from the $81 resistance zone against the US Dollar. The price declined below the $78 level to move into a bearish zone. The price even settled below the $76.50 level and the 50 hourly simple moving average. A low was formed near $75.18 and the price is now consolidating losses. On the upside, an immediate resistance is seen near the $75.85 level. Oil price Hourly Chart The 23.6% Fib retracement level of the downward move from the $78.12 swing high to $75.18 low is also near the $75.85 level. The first major resistance is near the $76.65 level and the 50 hourly simple moving average. There is also a major bearish trend line forming with resistance near $76.65 on the hourly chart of XTI/USD. The trend line is near the 50% Fib retracement level of the downward move from the $78.12 swing high to $75.18 low. The next major resistance is near the $78 zone, above which the price might accelerate higher towards $80.00 or even $82.00. On the downside, an immediate support is near the $75.20 level. The next major support is near the $74.50 level. If there is a downside break, the price might decline towards $73.65. Any more losses may perhaps open the doors for a move towards the $72.00 support zone. Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
FXOPEN:XTIUSD
by FXOpen
Crude Oil Price Could Recover SteadilyCrude oil price is attempting a recovery wave above the $75.50 resistance zone. Important Takeaways for Gold and Oil · Crude oil price started a fresh increase from the $73.75 support zone. · There was a break above a major bearish trend line with resistance near $75.70 on the hourly chart of XTI/USD. Oil Price Technical Analysis Crude oil price also started a fresh decline from the $80 resistance zone against the US Dollar. The price declined below the $75 level before the bulls appeared near the $73.75 zone. A low was formed near $73.75 and the price started a decent increase. It was able to clear the $74.00 and $75.00 resistance levels. Oil Price Hourly Chart Besides, there was a break above a major bearish trend line with resistance near $75.70 on the hourly chart of XTI/USD. The price even gained pace above the $75.50 level and the 50 hourly simple moving average. It settled above the 50% Fib retracement level of the downward move from the $77.63 swing high to $73.75 low. On the upside, the price might face resistance near $76.20. It is near the 61.8% Fib retracement level of the downward move from the $77.63 swing high to $73.75 low. The first major resistance is near the $77.80 level, above which the price might accelerate higher towards $80.00 or even $82.00. On the downside, an immediate support is near the $75.50 level. The next major support is near the $74.50 level. If there is a downside break, the price might decline towards $73.75. Any more losses may perhaps open the doors for a move towards the $72.00 support zone. Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
FXOPEN:XTIUSD
by FXOpen
USOIL 13th FEBRUARY 2023Oil prices fell below US$81 after surging more than 8 percent last week. Although Moscow will reduce supply by half a million barrels per day by March 2023 due to tightening flows, investors remain wary that the Federal Reserve needs to continue pushing interest rates higher to tame inflation. The Fed's push has weighed on the appetite for riskier assets including commodities. Global crude oil prices weakened on concerns about a global slowdown, offsetting sentiment of Russia's plan to curb supply in retaliation for Western sanctions.
TVC:USOILShort
by DNP-FX
3
Oil Price Could Correct GainsCrude oil price is facing a strong resistance near the $79 zone and might correct lower. Important Takeaways for Oil · Crude oil price started a fresh increase from the $72.50 support zone. · There is a connecting trend line forming with resistance near $79.10 on the hourly chart of XTI/USD. Oil Price Technical Analysis Crude oil price also started a fresh increase from the $72.50 support zone against the US Dollar. The price was able to clear the $74.00 and $75.00 resistance levels. The price even gained pace above the $76.50 level and the 50 hourly simple moving average. Finally, the bears appeared near the $78.90 zone. A high is formed near $78.93 and the price is now correcting gains. Oil price Hourly Chart It traded below the 23.6% Fib retracement level of the upward move from the $72.50 swing low to $78.93 high. The price is now trading below $78 and the 50 hourly simple moving average. On the upside, the price might face resistance near $78. The first major resistance is near the $78.80 level. The main resistance sits near the $79.00 level. There is also a connecting trend line forming with resistance near $79.10 on the hourly chart of XTI/USD, above which the price might accelerate higher towards $82.00 or even $84.00. On the downside, an immediate support is near the $76.50 level. The next major support is near the $75.75 level. It is near the 50% Fib retracement level of the upward move from the $72.50 swing low to $78.93 high. If there is a downside break, the price might decline towards $73.50. Any more losses may perhaps open the doors for a move towards the $72.50 support zone. Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
FXOPEN:XTIUSD
by FXOpen
USOIL 1st FEBRUARY 2023USOIL is expected to be sideways within the ascending triangle area. The price has a possibility to reach the resistance area of the 8th touch. Breakout or rebound scenarios can occur at the touch point of the trendline, but if the price turns out to be a breakout from the support/resistance area. a big trend will likely occur. The existence of horizontal support and resistance is difficult to observe, but it is quite valid with the help of the stochastic 5 3 3 indicator where the area often rebounds.
TVC:USOIL
by DNP-FX
3
Brent Crude Oil price takes a bashing overnighDuring the past two years, oil, along with many other raw material commodities which are used to produce energy products, has been very volatile. Perhaps given the nature of its supply, which is largely in the hands of the OPEC+ countries whose national economies depend on the export of oil around the world, the 'oil cartel' has a lot of bargaining power over its consumers, hence in times of economic strife or geopolitical instability, oil prices have always been ones to watch. First of all there was supply chain and logistical curtailment due to lockdowns across many Western countries, which led to the increase in the price of oil during 2020 and 2021, and then the sanctioning of the settlement accounts of Russian oil companies by European governments which led to any oil bought having to be settled in Rubles in bank accounts in Moscow, leading to rapidly accelerating ruble prices and oil supply constraints for European customers. Therefore, oil prices have been high for 2 years, however this morning during the Asian trading session, Brent Crude Oil (WTI) took a dive in value and by 8.45am UK time, it was languishing at $76.92 per barrel, a steep drop over yesterday's values and a very noticeable drop compared to this time last week when the value was $82.27 per barrel on January 23, its highest value this month. During the past 30 days, Brent Crude Oil has been very volatile in its values, having begun the month at a low point of $73.08 on January 4, before accelerating past the $80 mark by mid January, then retracting again before heading back to the high of over $82 last week, and now it is back down to the mid-$70s again. Despite the overall rollercoaster ride of volatility this month, Brent Crude Oil is down overall by 4.3% during the past 30 days. This has been an interesting period for commodities traders, and whilst in many Western markets, gasoline prices are now far lower than they were six months ago, the price of crude oil continues to fluctuate considerably. In some cases, vehicle fuel prices at the pumps on the retail market have decreased by over 50p (British) or 50c (Euro) per liter in six months. For example, in July 2022, motorists in the United Kingdom were paying approximately £1.99 per liter, now unleaded fuel is readily available at around £1.50 per liter, and in France, in July 2022 unleaded fuel was retailing at an extremely high 2.20 Euros per liter, whereas during January 2023 it has been selling at anywhere between 1.70 and 1.87 Euros per liter. Volatility is the the lifeblood of trading, so says the old adage, and the oil price this month has certainly been on point in this respect. Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
FXOPEN:XTIUSD
by FXOpen
XTIUSD...SELL (5% Drawdown)The price of oil per barrel will definitely soar high but I see a chance of sell opportunity before its long momentum, currently looking at a clear sell chance for at least $4 price reduction per barrel of oil. XTIUSD is currently trading in my supply zone....so i expect more sells to jump into this market. NB: All eyes on the breakout zone (blue box region) to accelerate or decelerate rice movements. Red box ( rejection zone) might or will serve as a chance for another entry for sell or a push up to soar price movements high.
XShort
by DAdepa
USOIL | DECRYPTERS | US OILHi people Welcome to our OIL Analysis We put Our Technical and Fundamental Analysis together So both can be Combined 1- My Political Aspect is FED wanted to show people that their polices are working the oil prices will move inflation again. 2- Strength of USD was keeping US inflation low relative to Other countries ,but if USD get deep dive more it'll also fuel the inflation. 3- If US make USD more strong they can buy oil at cheaper prices i Really think it will go for that , Four our Technical point of view look our Dxy Analysis.
FXOPEN:XTIUSDLong
by DECRYPTERS
XTIUSD Short Trade from 81.25Basing this trade off of a trendline touch on the weekly timeframe and the weekly 100EMA being aligned. Coupled with the previous high made on XTI's downtrend, makes for solid confluences for an intraday short. I am not expecting crazy pips from the zone but will have a modest target as Friday is profit taking day for institutes. Stops at 43 pips and full tp at 150. Would prefer to see this occur later in the day around 3-4pm GMT. Any criticism appreciated, and if you've spotted this trade too! Happy trading.
SKILLING:XTIUSDShort
by FalkenFx
Oil price on the backfoot in early 2023 despite high demandIf the year 2022 can be remembered for any recurring feature in terms of demand for commonly traded commodities, it can be remembered as a year of high energy prices across many Western countries, with oil being one of the most prized consumable commodities of the year. In the summer of 2022, Fuel stations across Europe and the United Kingdom were charging in excess of 2 euros / 2 pounds for a liter of unleaded fuel for vehicles, and energy costs for domestic heating, reliant on gas or oil, were soaring, especially in the United Kingdom where approximately 30 energy companies became insolvent and left the market in late 2021, resulting in far less competition at a time during which the raw material itself was in huge demand for geopolitical reasons. Demand remains very high for crude oil, and as many European nations continue to enforce draconian sanctions on one of the world's largest suppliers of oil - the Russian Federation - prices have been volatile throughout the last 12 months. Interestingly, however, Brent Crude Oil (WTI) started the year 2023 in a stagnant position. Indeed, Brent Crude Oil futures for February 2023 settlement are 1.86% down compared to the end of December and currently valued at approximately $78.1 per barrel. Stocks in 'big oil' companies are still quite strong, however, as publicly listed North American oil giantr ExxonMobil is reportedly set to report $56 billion in profit for 2022, marking the highest number ever achieved by a non-state-owned company and almost triple its 2021 result. Whether these companies are riding on their bonanza year which 2022 turned out to be is yet to be seen, as it is possible that investors may view these massive profits with caution if 2023's initial few weeks does not demonstrate the same level of high prices as 2022 did. If the natural gas market is any indicator of the performance of other commodities which are equally affected by the same geopolitical constraints, it is worth noting that natural gas prices are now back down to the level they were at this time a year ago, before the war started and before any sanctions on Russian gas companies were imposed which made it impossible for customers in Europe to pay Russian suppliers for gas, resulting in curtailing of supply. It appears that those which owe money are now being chased, and just recently a Russian court approved an order that the assets of German industrial gas firm Linde worth $500 million be frozen at the request of a Gazprom-led joint venture, citing unfulfilled commitments. There is a 'new normal' now that the markets are beginning to adjust to. This morning, during the Asian trading session, Brent Crude oil crept back up slightly to the $79 per barrel mark, but, apart from a dip to $76 per barrel in mid-December, today's value is the lowest it has been since December 2021, before all of the sanctions began. Looking back over the year 2022, Brent Crude oil reached a high of $127 per barrel in early March 2022 and then displayed a huge degree of volatility before spiking again as it reached $123 per barrel in August 2022. It is an interesting market, because the lower prices at which oil is now trading have been passed onto the consumer. Fuel for vehicles in Europe and Britain is nowhere near the astronomical cost that it reached in the summer of 2022, and France introduced an energy price cap meaning that it cannot go over a certain level. Perhaps the initial wave of volatility was due to the high demand and sudden restriction of supply, as well as the change in settlement channel as European customers must now settle in Rubles via banks in Moscow in order to make it possible for gas and oil suppliers in Russia to be able to receive payment for supplying these energy commodities internationally. Either way, looking at the annual chart makes for very interesting reading, as volatility as great as this in an age-old energy resource is rare under usual circumstances. Disclaimer: This forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as financial advice.
FXOPEN:XTIUSD
by FXOpen