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Crude oil price declines to $62 as Trump pressures OPEC

April 29, OctaFX – The price of crude oil declined slightly after President Donald Trump asked OPEC members to boost production. On Friday, he sent a tweet saying that he had talked with some OPEC members, who were ‘in agreement’ about raising crude production.

However, according to OPEC secretary general, no such conversation had taken place. He said that the cartel will determine whether to boost production in their meeting in March. For months, Donald Trump has criticized OPEC for cutting production, with the aim of boosting prices. However, some of his actions, like cutting-off Iran and putting sanctions on Venezuela have contributed to the high prices.

Crude oil price technical forecast

The XTIUSD pair extended Friday’s declines to reach an intraday low of 62.9. On the four-hour chart, the price is slightly below the 50-day and 25-day moving averages. The two averages are doing an intersection, which could lead to lower prices.

The RSI has dropped to below 30 while the Stochastic Indicator has started to move up. The pair could resume its upward trend because OPEC is unlikely to yield to Trump’s pressure.

Crude oil price declines

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Crude price forecast – Will XTIUSD continue upward move?

April 23, OctaFX – Traders will also continue paying more attention to crude oil. Yesterday, the price surged after the United States refused to extend the existing waivers on Iran purchases. The goal is to bring exports to zero.

Today, the American Petroleum Institute (API) will release inventories for the past week. This number is expected to show that inventories continued to slump. Last week, there was a drawdown of more than 3 million barrels. Tomorrow, data from EIA is expected to show a drawdown of 167K barrels.

Crude price technical forecast

The XBRUSD pair remained at the highest levels since November as investors braced for fresh supply cuts. The pair is now trading at 73.60. On the eight-hour chart, the price is below the 25-day and 50-day moving averages.

The Stochastic Oscillator has moved to above the overbought level while the accumulation and distribution indicator has continued to move up. With this momentum, the pair could continue moving upwards to test the previous highs of above $80.

Crude price forecast

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Crude oil price rises sharply to $65.97

April 22, OctaFX – Crude oil price rose sharply as investors expect the US to end Iran import waivers. The Trump administration will soon force all importers of Iranian oil to end their imports or face U.S. sanctions. This was somewhat of an expected move since the imports were expected to end in May this year. The decision will lead to more tightening in an already tight crude oil market.

XTIUSD price technical forecast

On the hourly chart, this price is above the important resistance level of $64.63. It is also above the 25-day and 50-day moving averages. The RSI has moved to above 70, while the Bulls Power too has continued to rise. The pair will likely continue moving higher as supply tightens. In the near term, the pair could test the important support of $70.

Crude oil price rises sharply

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Crude oil price slips to $63 following EIA report

April 18, OctaFX – Crude oil price slipped after the EIA released its weekly inventories report. The numbers showed that there was a drawdown of more than 1.396 million barrels per week.

This was a higher drawdown than the 1.2 million barrels that traders were expecting. Previously, data from the American Petroleum Institute (API) showed that there was a drawdown of more than 3 million barrels. Still, the price of crude is near the five-month high and there is a possibility that WTI and Brent will test last year’s highs of $73 and $85 respectively.

Crude oil price technical forecast

The XTIUSD pair moved to a low of 63.57. On the hourly chart, this price is along the lower line of the Envelopes indicator and above the important resistance level of 63.

The commodities channel index has moved up to above the 100 level while the volumes have shrunken. The pair will likely remain within the current range as investors think of a way forward regarding the oil market. Still, there is a possibility that the upward side will prevail.

Crude oil price

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Will crude oil price continue the upward trend?

April 15, OctaFX – Crude oil price remained near YTD high as traders continued to focus on the supply cuts from OPEC. Last week, a report showed that most of its members had continued to cut production in line with what was discussed in the previous meeting.

Saudi Arabia had cut almost 1 million barrels per day while the involuntary cuts from Iran and Venezuela had contributed to the tightening. On Friday, data from Baker Hughes showed that the number of rigs increased from 831 to 833. However, the US oil sector continues to face the challenge of transportation, with key pipelines still in construction.

Crude oil price analysis

The XTIUSD pair was little moved today as traders continued to think about supply. The pair is now trading at 63.70. On the hourly chart, this price is slightly below the YTD high of 64.60.

It is also slightly below the 25-day and 50-day moving averages and slightly above the lower line of the Bollinger Bands. The RSI has moved slightly higher to the current level of 43. The pair will likely continue the upward trend to test the previous high.

Crude oil price

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Crude price surges as us-iran conflict escalates

April 9, OctaFX Crude oil price remained near a five-month high after US and Iran continued their conflict. In a statement, the United States announced that it was labeling the Iranian Revolutionary Guard as a foreign terrorist organization.

In response, Iran branded the United States’ Central Command in the region a terrorist organization. Iran accused the US of taking innocent lives in the Middle East, such as shooting a civilian aircraft in Iran, 1988. The US said that it mistook the plane for a military aircraft. The upward trend in the crude price is also because of ongoing fighting in Libya.

Crude oil price forecast

The XTIUSD pair continued to move upwards as investors continued to focus on OPEC supply, the new conflict between the US and Iran and the ongoing conflict in Libya. The pair is now trading at 64.45, which is above all the short and medium-term EMAs on the four-hour chart.

The RSI has moved slightly downwards to the current level of 70, while the momentum indicator has remained above the 100 level. Therefore, the pair will likely continue moving upwards to above the 65 level.

Crude price

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Crude Oil Price Declines to $50.75

December 11, OctaFX – The price of crude oil declined in overnight trading as traders continued worrying that the cuts announced by OPEC will not go far enough to rebalance the market. The implication of this is that producers will continue overproducing and flooding the market with oil.

Traders are also starting to worry about the increased production from the United States. Early this year, the country passed Saudi Arabia and Russia to become the biggest oil producer. Last week, data from the EIA showed that the country had become a net oil exporter for the first time in decades.

Crude Oil Technical Forecast

After rising sharply yesterday, the price of crude oil declined in overnight trading as traders continued their worry about supply. The XTIUSD pair declined to 50.75.

On the four-hour chart, the pair’s price was below the 50-day and 25-day EMA while the RSI has moved to a low of 43. This is lower than the 60 level it was before. The pair’s price will likely continue to wait for inventory data, which will be released later today.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Crude Oil Price Jumps to $53: Is the downward pressure over?

December 3, OctaFX – The price of crude oil soared in the Asian session after the US and China reached a deal to suspend trade hostilities. In a meeting between President Xi and Trump, the two leaders agreed to halt hostilities and work on developing a trade deal beneficial for the two countries.

Trump agreed not to raise tariffs to 25% on Chinese goods while China agreed to increase purchases of American goods. Traders will continue paying close attention to the upcoming meeting of OPEC ministers in Vienna.

Will Crude Oil Continue to Rally?

On Thursday and Friday, the XTIUSD pair traded in a narrow range between 49 and 50. This came as traders waited for the G20 meeting. Today, the price jumped to 53.9. This was the highest level in more than a week and a likely sign that the downward pressure is over. The rally could accelerate ahead and after the OPEC meeting in Vienna.

On the four-hour chart, the 15-day EMA is crossing the 30-day EMA in a bullish way. The RSI has moved from 35 and is currently at 60 while the MACD is moving above the neutral level. It is likely therefore that the new upward trend will continue.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Crude Oil Price Drops Slightly

November 27, OctaFX – The price of crude oil dropped slightly after yesterday’s relief rally. The drop came after Donald Trump talked to the Wall Street Journal (WSJ) about his upcoming meetings at the G20.

In the interview, he said that he was little optimistic about his meeting with China’s Xi. Traders were hopeful that the meeting will provide an opportunity for the two biggest economies to make a truce.

Such a truce would help change the current business climate and improve the economic growth in the coming year. Analysts are banking on the weakness of the US stock market to force the US president to make a deal.

Crude Oil Technical Forecast

The XTIUSD pair eased from yesterday’s rally and resumed the downward trend. This is a strong trend that started on October 3. The pair’s price is below the 30, 50, and 100-day EMAs as shown below.

The RSI has moved from below 27 to the current 37, while the Bears power strength has eased a bit. The pair will likely continue the downward trend. If it does, it will likely move below 50. However, the coming OPEC and G20 meetings could reverse the downward trend.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Crude Oil Price Enters Into Bearish Territory

The price of crude oil fell into bear territory yesterday and continued the lower momentum overnight. Will the XTIUSD pair continue to decline? Find out with the following technical analysis.

November 9, OctaFX  A security is said to be in bear territory when its price falls by more than 20% from its previous high.

The reason for the decline was mostly because of the increased supplies from OPEC and the United States. In a recent statement, OPEC secretary general said that OPEC members were pumping as much crude as they can.

In the United States, recent data from the EIA has shown that inventories were on the rise.

Crude Oil Price Technical Analysis

The price of crude oil continued making the lower lows, reaching an intraday low of $60.30. This was the lowest level since March this year. The 30-day and 15-day EMA indicators on the four-hour chart show that the pair will continue to decline.

At the same time, the RSI is close to the oversold level of 30, which is an indication that it has more room to go down. It is therefore likely that the pair will continue to move down, potentially to the $55 level.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.