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Oil - Crude (WTI)

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What 1-hour chart says? Fundamental Development: Oil was down on Tuesday morning in Asia as demand concerns spurred as China discovered cases of highly infectious BA.5 omicron sub-variant. Brent oil futures retreated 1.56% to $105.43 and crude oil WTI futures fell 1.67% to $102.34. “Growing fears of a recession and continued sluggish demand in China is pulling oil prices lower, though the current supply-demand balances remain precarious,” Several Chinese cities are adopting fresh COVID -19 curbs to rein in new infections as the country has detected highly infectious BA.5 sub variant cases. On the supply side, Western sanctions on Russia over its invasion of Ukraine have disrupted crude and fuel supply. There have been curtailments of energy supply routes from Russia, which concerns traders and utilities. Short Term Technical View: In 1-hour chart, XTIUSD is trading below lower line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 101 as per today 1-hour chart, my view is sell in rise strategy is good for XTIUSD. Sell range of XTIUSD is 101 to 101.25 and there is very strong Resistance zone at 102.50. Alternative Scenario: If XTIUSD will trade above 102.50 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 104 with the stop loss of 101.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil prices fell on Monday in volatile trade, reversing some gains from the previous session as markets braced for new mass COVID testing in China potentially hitting demand, a worry that outweighed ongoing concerns about tight supply. Brent crude futures fell $1.02, or 1%, to $106.00, after climbing 2.3% on Friday. U.S. West Texas Intermediate (WTI) crude futures declined by $1.38, or 1.3%, to $103.41, paring a 2% gain from Friday. Trading was thinned by a public holiday in parts of Southeast Asia, including oil-trading hub Singapore. The market remains jittery about plans by Western nations to cap Russian oil prices, with President Vladimir Putin warning further sanctions could lead to "catastrophic" consequences in the global energy market. Short Term Technical View: In 1-hour chart, XTIUSD is trading below lower line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 101.50 as per today 1-hour chart, my view is sell in rise strategy is good for XTIUSD. Sell range of XTIUSD is 101.50 to 101.75 and there is very strong Resistance zone at 102.97. Alternative Scenario: If XTIUSD will trade above 102.97 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 105.45 with the stop loss of 101.51.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil prices edged slightly higher in volatile Asian trade on Friday, reversing earlier losses as the market weighed up the tight global supply concerns against recession fears. Brent crude futures rose 48 cents, or 0.5%, to $105.13 a barrel by 0630 GMT, after a near 4% rise on Thursday. U.S. West Texas Intermediate crude inched up 3 cents to $102.76 a barrel, having settled 4.2% higher a day earlier. However, both contracts are still set for their second straight weekly loss. Trade this week marked by a sharp sell-off on Tuesday, when WTI slid 8% and Brent tumbled 9%. Brent's $10.73 drop was the third biggest for the contract since it started trading in 1988. Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 98 As per today 1-hour chart, my view is buy in deep strategy is good for XTIUSD. Buy range of XTIUSD is 98 to 97.85 and there is very strong support zone at 96. Alternative Scenario: If XTIUSD will trade below 96 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 93 with the stop loss of 98.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was up on Thursday morning in Asia on supply concerns, after falling during the previous two sessions. Brent oil futures rose 0.51% to $101.20 and crude oil WTI futures jumped 0.56% to $99.11. Both benchmarks closed on Wednesday at their lowest since April 11. The declines follow a dramatic fall on Tuesday despite tight global supplies. Oil prices have slid alongside other commodities such as metals and palm oil as global central banks hiked interest rates, which spurred fears of a recession that could dampen demand for commodities. For the supply side, investors are assessing possible oil supply disruption at the Caspian Pipeline Consortium (CPC), which has told by a Russian court to suspend activity for 30 days. Exports at CPC, which handles about 1% of global oil supplies, were still flowing as of Wednesday morning. Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 95.95. As per today 1-hour chart, my view is buy in deep strategy is good for XTIUSD. Buy range of XTIUSD is 94.25 to 94 and there is very strong support zone at 92.45. Alternative Scenario: If XTIUSD will trade below 92.45 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 89 with the stop loss of 94.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was up on Tuesday morning in Asia over supply tightness concerns as a strike in Norway threatened to disrupt oil and gas output. Brent oil futures rose 0.23% to $113.73 and crude oil WTI futures jumped 1.86% to $110.46. On Tuesday, Norwegian offshore workers began a strike that will reduce oil and gas output, according to Reuters. The strike expected to reduce oil and gas output by 89,000 barrels of oil equivalent per day. Oil production will cut by 130,000 barrels per day from Wednesday, accounting for around 6.5% of Norway’s production, according to Reuters. Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 107.55. As per today 1-hour chart, my view is buy in deep strategy is good for XTIUSD. Buy range of XTIUSD is 107.55 to 107.25 and there is very strong support zone at 106.55. Alternative Scenario: If XTIUSD will trade below 106.55 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 105 with the stop loss of 107.75.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was down on Monday morning in Asia as fears of an economic slowdown outweighed the supply tightness amid lower output from the Organization of the Petroleum Exporting Countries (OPEC).Brent oil futures inched up 0.05% to $111.66 and crude oil WTI futures inched up 0.01% to $108.42. In addition, a strong USD also weakens broad commodity markets, including crude prices.” In the U.S. and elsewhere, signs of economic weakness are becoming more apparent with U.S. consumer sentiment dropping to a record low in June. The U.S. Federal Reserve reiterated last week its resolution to bring down inflation, increasing concerns of a recession following interest rate hikes. Short Term Technical View: In 1-hour chart, XTIUSD is trading upper line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 105.85. As per today 1-hour chart, my view is buy in deep strategy is good for XTIUSD. Buy range of XTIUSD is 105.85 to 105.55 and there is very strong support zone at 104. Alternative Scenario: If XTIUSD will trade below 104 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 102 with the stop loss of 105.50.
FXOPEN:XTIUSD
by RATONYCNC
Crude oil eyes to revisit sub-$100 area as recession fears escalFailures cross the key SMAs join descending RSI line, not oversold, to keep crude oil sellers hopeful amid economic slowdown chatters. The black gold, however, needs to stay below the weekly support line, around $107.00 by the press time, to direct bears towards the last monthly bottom of $101.00. In a case where the energy benchmark fails to recover from $101.00, the odds witnessing a south-run towards May’s low of $97.57. On the contrary, recovery moves remain less convincing until staying below the weekly top of $112.70. Ahead of that, the 50% Fibonacci retracement (Fibo.) of May-June upside and convergence of the 100-SMA, 200-SMA and 38.2% Fibo, respectively near $109.60 and $112.10-20, could entertain short-term buyers. Even if the crude oil prices cross the $112.70 hurdle, multiple resistances near $116.00 will challenge the commodity bulls before directing them to June’s peak of $121.43. Overall, crude oil’s latest break of the short-term support line keeps sellers hopeful amid economic pessimism. That said, today’s Eurozone inflation and US ISM PMI will be important to watch for clear directions.
FX:USOILSPOT
by MTradingGlobal
What 1-hour chart says? Fundamental Development: Oil prices edged higher on Thursday after dipping in early Asian trade, as concerns about global supply tightness outweighed a build in U.S. gasoline and distillate inventories. Brent crude futures for September, the more actively traded contract, rose 63 cents, or 0.6%, to $113.08 a barrel .The less liquidity traded August contract, which expires Thursday, was at $116.08, down 18 cents, or 0.2%. U.S. West Texas Intermediate (WTI) crude futures climbed 49 cents, or 0.5%, to $110.27. Crude inventories fell by 2.8 million barrels in the week to June 24, far exceeding analysts' expectations in a Reuters poll for a 569,000-barrel drop, U.S. Energy Information Administration data showed, even as U.S. gasoline and distillate stockpiles climbed. Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 109.45. As per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 109.30 to 109.45 and there is very strong resistance zone at 110.51. Alternative Scenario: If XTIUSD will trade above 110.51 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 111.51 with the stop loss of 109.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was up on Monday morning in Asia as investors are looking for more clues from the G7 meeting this week on Russian oil exports and a revival of the Iran nuclear deal. Brent oil futures inched up 0.06% to $109.16 and crude oil WTI futures stabilized at $107.62. Oil prices remained well supported above $100 a barrel as crude and oil product supplies remained tight after the West posed sanctions on Russian oil. Leaders of the Group of Seven (G7) expected to discuss ways to tackle rising energy prices. Measures include a possible price cap on Russian crude and oil products exports, which might curb Russia’s revenue and at the same time reduce the damage to other economies. Short Term Technical View: In 1-hour chart, XTIUSD is trading at middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 105.45. As per today 1-hour chart, my view is sell on rise strategy is good for XTIUSD. Sell range of XTIUSD is 107 to 107.25 and there is very strong resistance zone at 108.50. Alternative Scenario: If XTIUSD will trade above 108.50 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 109.95 with the stop loss of 107.50.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was down on Friday morning in Asia as fears of slower demand from slowing U.S. economic growth and supply concerns weighed on the market. Brent oil futures inched down 0.09% to $109.94 and crude oil WTI futures gained 0.14% to $104.42. The Organization of the Petroleum Exporting Countries and allies (OPEC+) producers including Russia will likely stick to a plan to increase output by 648,000 barrels a day in August, which is hoping to bring down crude prices as U.S. President Joe Biden plans to visit Saudi Arabia, according to Reuters. Wednesday’s U.S. crude supply data from the American Petroleum Institute showed a build of 5.607 million barrels for the week ended June 17. Short Term Technical View: In 1-hour chart, XTIUSD is trading below middle line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 103.75. As per today 1 hour chart my view is sell on rise, this strategy is good for XTIUSD. Sell range of XTIUSD is 104.75 to 105 and there is very strong resistance zone at 106. Alternative Scenario: If XTIUSD will trade above 106 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 108.64 with the stop loss of 104.75.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was down on Thursday morning in Asia as investors are worried that tightening monetary policy could trigger a recession and dampen fuel demand. Brent oil futures fell 2.31% to $109.16. In addition, crude oil WTI futures divided 2.61% to $103.42. Investors are concerned about a recession caused by tightening monetary policy. U.S. Federal Reserve is not trying to trigger a recession to tame inflation but is fully committed to bringing down prices, Fed Chair Jerome Powell said on Wednesday. U.S. President Joe Biden called on Congress to suspend a federal tax on gasoline to bring down soaring fuel prices and offer some relief to American families before summer peak. Short Term Technical View: In 1-hour chart, XTIUSD is trading above middle line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 104.35. As per my view buy on dip, strategy is good for XTIUSD. Buy range of XTIUSD is 103 to 102.75 and there is very strong resistance zone at 102. Alternative Scenario: If XTIUSD will trade below 102 and sustain above in U.S. Session so it will be, give great opportunity to sell with the target of 100 with the stop loss of 103.25.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil was down on Wednesday morning in Asia as U.S. President Joe Biden is set to push for U.S. fuel cost cuts. Brent oil futures slid 3.03% to $111.18 and crude oil WTI futures dived 3.37% to $105.83.U.S. President Joe Biden is expected on Wednesday to call on Congress to temporarily suspend a federal tax on gasoline to bring down soaring fuel prices and alleviate the pressure on consumers. Seven oil companies are set to meet Biden on Thursday, under pressure from the White House to bring down fuel prices. Short Term Technical View: In 1-hour chart, XTIUSD is trading below line of Bollinger band indicator. As per RSI Indicator showing weakness in 1-hour chart, XTIUSD pivot level is 108.30. As per my view sell on rise, strategy is good for XTIUSD. Sell range of XTIUSD is 107 to 107.25 and there is very strong resistance zone at 108.50. Alternative Scenario: If XTIUSD will trade above 108.50 and sustain above in U.S. Session so it will be, give great opportunity to buy with the target of 109.50 with the stop loss of 107.
FXOPEN:XTIUSD
by RATONYCNC
What 1-hour chart says? Fundamental Development: Oil prices rose 1% on Tuesday, clawing back more of last week's losses as investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening demand going forward. Brent crude futures rose $1.08, or about 1%, to $115.21 a barrel, adding to a 0.9% gain on Monday. The benchmark contract fell 7.3% last week in its first weekly fall in five. U.S. West Texas Intermediate (WTI) crude futures for July, which expires later on Tuesday, rose to $112.01 a barrel, up $2.45, or 2.2%, from Friday's close. There was no settlement on Monday, which was a U.S. public holiday. WTI dropped 9.2% last week. Short Term Technical View: In 1-hour chart, XTIUSD is trading Upper line of Bollinger band indicator. As per RSI Indicator showing bullishness in 1-hour chart, XTIUSD pivot level is 108.30. As per my view buy on dip, strategy is good for XTIUSD. Buy range of XTIUSD is 108.30 to 108 and there is very strong support zone at 106.75. Alternative Scenario: If XTIUSD will trade below 106.75 and sustain below in U.S. Session so it will be, give great opportunity to sell with the target of 105.25 with the stop loss of 108.
FXOPEN:XTIUSD
by RATONYCNC